Question

Consider the following statements about liberalised remittance scheme (LR

Q: Answer-&lt;p&gt;&lt;strong&gt;Consider the following statements about liberalised remittance scheme (LRS):&...

middot This is the scheme of the Reserve Bank of India, introduced in the year 2004. middot Under the scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year April ndash March middot Outward remittances under the Reserve Bank of Indiarsquos RBIrsquos liberalised remittance scheme LRS was at an all-time high in FY22, as it made a strong comeback from the previous yearrsquos tepid show because of Covid-19-led disruptions. middot 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. middot 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.

S : (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?

A Only 1

B Only 2

C Both 2 and 3

D Both 1 or 2

E All statements are correct

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