Question
Consider the following statements about liberalised
remittance scheme (LRS): (1) The Scheme enables parents to send money to their child studying abroad. (2) Under the scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year. (3) It was at an all-time high in FY22. Which of the statements given above is/are correct?Solution
· This is the scheme of the Reserve Bank of India, introduced in the year 2004. · Under the scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) · Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) was at an all-time high in FY22, as it made a strong comeback from the previous year’s tepid show because of Covid-19-led disruptions. · In FY22, outflows under the LRS scheme were to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed. · In FY21, outward remittance under the scheme was $12.68 billion; in FY20 it was $18.76 billion; and in FY19 it was $13.78 billion.
______________ under the Banking Regulation Act, 1949, means the accepting, for the purpose of lending or investment, of deposits of money from the publ...
As per Partnership Act, In case a partner causes loss to any third party, liability rests with____.
A member of an All- India service and civil service of any States holds office __________.
Who is the Chairperson of SEBI now?
The Board of Directors of a company need approval at the company general meeting for contribution, to bona fide charitable and other funds, exceeding __...
Under Companies Act 2013, liability for fraudulent conduct of business is present under ________
Where can a person aggrieved by an order of the National Company Law Appellate Tribunal may file an appeal as per the IBC?
When did the Real Estate Regulation and Development) Act, 2016 came into effect?
No objection as to Jurisdiction shall be allowed by ___________________ except when it was taken before the court of first instance at the earliest poss...
Specific Relief Act delas with the recovery of ______________