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      Question

      Consider the following regarding the Liberalized

      Remittance Scheme (LRS): 1. It is available to all resident individuals, including minors. 2. It is available to Corporates and Partnership firms. 3. Remittances can be used for both current and capital account transactions. Which of the statements above is/are correct?┬а
      A 1 and 2 only Correct Answer Incorrect Answer
      B 2 and 3 only Correct Answer Incorrect Answer
      C 1 and 3 only Correct Answer Incorrect Answer
      D 1, 2, and 3 Correct Answer Incorrect Answer
      E 1 only Correct Answer Incorrect Answer

      Solution

      Statement 2 is incorrect. LRS is only for "Resident Individuals." It is not available to corporates, partnership firms, HUFs, or Trusts.

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