BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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PAN
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Aadhar card
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Passport
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None of the above
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Detailed explanation-1: -Is it mandatory for resident individuals to have Permanent Account Number (PAN) for sending outward remittances under the Scheme? Ans. Yes It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.
Detailed explanation-2: -Depending on the purpose of remittance, you may also have to provide specific documents, such as passport, visa, ticket, invoices from travel agency, or as specified by the bank or transferring agency.
Detailed explanation-3: -15. It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) to make remittance under the Scheme. 16. Investor, who has remitted funds under LRS can retain, reinvest the income earned on the investments.
Detailed explanation-4: -Documents required to process a remittance You need to provide a self-declaration stating your relation with the beneficiary, and government-issued ID proof and a copy of your PAN card to process a foreign money transfer.