Concept:The Liberalised Remittance Scheme (LRS) allows resident individuals to remit up to a prescribed limit per financial year, with certain prohibited purposes and rules for consolidation.
Explanation:Statement 1 is correct.
Under LRS, all resident individuals, including minors, can remit up to
USDÂ 2,50,000 per financial year for permissible current or capital account transactions.
Statement 2 is incorrect.
Remittance for purposes specifically prohibited under Schedule-I, such as purchasing lottery tickets or proscribed magazines, is not allowed under LRS.
Such remittances are prohibited entirely.
Statement 3 is correct.
Consolidation of remittances for family members is allowed for current account transactions.
However, capital account transactions like investment or opening a bank account cannot be consolidated unless the family members are co-owners or co-partners in the investment.
Thus, only statements 1 and 3 are correct.
Answer:Option D — 1 and 3 only.