Economics · Economy

Which of the following statements are correct regarding the Liberalised Remittance Scheme (LRS) in India? 1. Resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year for permissible current or capital account transactions. 2. Remittances for any purpose specifically prohibited under Schedule-I of FEM (Current Account Transactions) Rules, 2000, are strictly banned. 3. Capital account remittances under LRS can be consolidated for family members even if the individual bank accounts/investments are held separately.

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