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 2,50,000

C. USD 25,000

D. USD 1,00,000

Answer: Option B

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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The 'Trade Receivables Discounting System' platform helps MSMEs by:

A. insuring their factories

B. providing direct subsidies

C. providing land

D. discounting their receivables from corporate buyers

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Correct Answer: Option D

Explanation:
TReDS helps MSMEs obtain working capital by discounting their receivables.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Human Development Index' includes indicators of:

A. only education and health

B. income, environment and defence

C. income, education and health

D. only income

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Correct Answer: Option C

Explanation:
HDI combines per capita income, education and life expectancy indicators.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the theory of consumer behaviour, the income effect of a price change for a normal good is:

A. Zero

B. Negative

C. Positive

D. Indeterminate

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Correct Answer: Option C

Explanation:
For a normal good, a fall in price increases real income, leading to an increase in quantity demanded (positive income effect), reinforcing the substitution effect.

This question belongs to: Economy GK Economy Set 1

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