Which one of the following monitors the liberalized remittance scheme, through which resident individuals may remit up to USD 200, 000 per financial year for any permitted capital and current account transactions or a combination of both?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Ministry of Finance
B	Ministry of Overseas Indian Affairs
C	Department of Posts
D	Reserve Bank of India

Explanation:

Detailed explanation-1: -What is the LRS remittance limit? LRS allows Indian residents to freely remit up to USD $250, 000 per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI.

Detailed explanation-2: -The permitted capital account transactions within the LRS include: Opening, holding, and keeping a foreign currency account with a bank in another country. Purchase of real estate in another country. Investing in overseas stocks, treasury bonds, mutual funds, private equity funds, and other securities.

Detailed explanation-3: -The Reserve Bank of India (RBI) has a limit of $2, 50, 000 (INR 2, 04, 50, 250) per financial year for foreign remittances. This includes both personal and business-related transactions. Any remittance amount that crosses this limit requires you to take prior permission from the RBI itself.

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