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?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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