3rd FED Quiz

How long should the bank account be maintained prior to remittances for capital account transactions?

• 2 years
• 6 months
• 1 year
• 1 month

What transactions are included under the LRS?

• Going abroad on employment
• Private visit
• All of the above
• Gift/donation

What is the minimum maturity of a loan given to an NRI/PIO relative under the LRS?

• 6 months
• 1 year
• 2 years
• 5 years

What is the maximum limit under the Liberalised Remittance Scheme (LRS) for resident individuals?

• USD 50,000
• USD 2,50,000
• USD 25,000
• USD 1,00,000

What is the compulsory document required to make any remittance under the LRS?

• Aadhaar Card
• Passport
• Voter ID Card
• Permanent Account Number (PAN)

Where can you find the latest list of non-cooperative countries notified by FATF?

• www.fatf-gafi.net
• www.fatf-gafi.com
• www.fatf-gafi.gov
• www.fatf-gafi.org

What is the time period within which the received/realised/unspent/unused foreign exchange should be repatriated and surrendered?

• 90 days
• 1 year
• 120 days
• 180 days

What is the maximum amount that NRIs/PIOs can remit per financial year?

• USD one million
• USD five million
• USD two million
• USD ten million

What are the sources from which NRIs/PIOs can remit the funds?

• Balances in their NRO accounts
• Assets acquired in India by way of inheritance/legacy
• Sale proceeds of assets
• All of the above

Under which section of the Foreign Exchange Management Act (FEMA), 1999, does the Reserve Bank of India issue directions to Authorised Persons?

• Section 33
• Section 27
• Section 11
• Section 19