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    Question

    Persons other than individuals can remit funds overseas,

    towards donations for certain specified purposes, up-to ____
    A USD 5,000,000 or equivalent Correct Answer Incorrect Answer
    B 1% of their Forexearnings during the previous 3 FYs Correct Answer Incorrect Answer
    C A or B, whichever is lower Correct Answer Incorrect Answer
    D A or B, which is higher Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Remittance facilities for others: Gift/donation General permission is available to persons other than individuals to remit towards donations up-to one per cent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for o   creation of Chairs in reputed educational institutes, o   contribution to funds (not being an investment fund) promoted by educational institutes; and o   contribution to a technical institution or body or association in the field of activity of the donor Company. Any additional remittance in excess of the same shall require prior approval of the Reserve Bank of India. 

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