The 'Liberalised Remittance Scheme' of RBI allows resident individuals to remit up to how much per financial year? MCQ with Answer and Explanation

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The 'Liberalised Remittance Scheme' of RBI allows resident individuals to remit up to how much per financial year?

A. USD 10,000

B. USD 25,000

C. USD 2,50,000

D. USD 1,00,000

Answer: Option C

Solution (By JKSSB Mock Tests)

Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permitted transactions.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of monetary policy, the 'Zero Lower Bound' problem refers to:

A. The minimum reserve requirement

B. The floor on the fiscal deficit

C. The inability of nominal interest rates to fall significantly below zero

D. The inability of real interest rates to be positive

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Correct Answer: Option C

Explanation:
The zero lower bound refers to the constraint that nominal interest rates cannot be reduced much below zero, limiting the effectiveness of conventional monetary policy in deep recessions.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Central Board of Indirect Taxes and Customs' is a part of:

A. SEBI

B. RBI

C. Ministry of Finance

D. Ministry of Commerce

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Correct Answer: Option C

Explanation:
CBIC is part of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #3

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The base year currently used for the Consumer Price Index in India is:

A. 2012

B. 2016

C. 2001

D. 2004-05

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Correct Answer: Option A

Explanation:
The current CPI series has 2012 as the base year.

This question belongs to: Economy GK Economy Set 1

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