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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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