Which of the following can a resident individual remit for under RBI's Liberalised Remittance Scheme?
Question and options
Which of the following can a resident individual remit for under RBI's Liberalised Remittance Scheme?
Buying lottery tickets from abroad
Expenses of going abroad for employment
Margin calls on an overseas exchange
Foreign exchange for a private visit to Nepal
Answer and explanation
Correct answer: B - Expenses of going abroad for employment
RBI's Master Direction on the Liberalised Remittance Scheme lets a person going abroad for employment draw foreign exchange within the scheme limit. Remittances for margins or margin calls to overseas exchanges are expressly barred, buying lottery tickets is prohibited under Schedule I of the Current Account Transactions Rules, 2000, and the private-visit facility covers visits abroad other than to Nepal and Bhutan.
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