Economics · Economy
Under the Liberalised Remittance Scheme (LRS), if a resident individual has already remitted USD 200,000 for education in a financial year, what is the maximum additional amount they can remit as a gift to an overseas friend within the overall annual ceiling?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1USD 0, as gifting to non-relatives is prohibited.
- 2USD 20,000
- 3USD 250,000
- 4USD 50,000✓
Correct answer
USD 50,000
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