BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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corporates
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partnership firms
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HUF
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All of the above
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Detailed explanation-1: -The Scheme is not applicable to Corporates, Partnership firms, HUF, Trusts etc. Also, where the remittance is made by the minor, LRS declaration form must be countersigned by Minor’s natural guardian.
Detailed explanation-2: -Only individual Indian residents are permitted to remit funds under LRS. Corporates, partnership firms, HUF, trusts, etc are excluded from its ambit. However, it is available to minors, provided that Form A2 is countersigned by the minor’s natural guardian. What types of transactions are permitted?
Detailed explanation-3: -Individuals can avail of foreign exchange facility for the following purposes within the LRS limit of USD 2, 50, 000 on financial year basis: Private visits to any country (except Nepal and Bhutan)
Detailed explanation-4: -The Liberalised Remittance Scheme (LRS) allows parents to transfer money to their children studying abroad. Any Indian resident can participate in it and transfer up to $250, 000 abroad in a financial year.