1. When was the Liberalised Remittance Scheme (LRS) first
introduced?
A) 1st January 2000
B) 4th February 2004
C) 1st April 2010
D) 15th August 2005
Answer: B
2. Which of the following is eligible to avail of the LRS?
A) Corporates
B) Partnership Firms
C) Resident Individuals (including Minors)
D) Hindu Undivided Families (HUFs)
Answer: C
3. LRS is NOT available to which of the following entities?
A) Minors
B) NRIs
C) Resident Individuals
D) Sole Proprietorships (in individual capacity)
Answer: B
4. What is the overall annual limit for remittances under LRS per
financial year?
A) USD 100,000
B) USD 200,000
C) USD 250,000
D) USD 500,000
Answer: C
5. Under FEMA, a transaction that alters assets or liabilities
outside India for a person resident in India is called a:
A) Current Account Transaction
B) Capital Account Transaction
C) Trade Account Transaction
D) Escrow Transaction
Answer: B
6. Which section of FEMA deals with the power of RBI to penalize
Authorized Persons for breaches in procedure?
A) Section 4
B) Section 6
C) Section 10(6)
D) Section 11
Answer: D
7. If a contravention of FEMA is not quantifiable, what is the
maximum penalty that can be imposed?
A) Rs. 10,000
B) Rs. 50,000
C) Rs. 2,00,000
D) Rs. 5,00,000
Answer: C
8. Which schedule under LRS lists prohibited (non-permissible)
remittances?
A) Schedule I
B) Schedule II
C) Schedule III
D) Schedule IV
Answer: A
9. Remittance for which of the following is strictly prohibited
under LRS?
A) Studies abroad
B) Purchase of lottery tickets
C) Medical treatment
D) Gift to a relative
Answer: B
10. Remittance for “Cultural Tours” requires approval from which
ministry?
A) Ministry of Finance
B) Ministry of External Affairs
C) Ministry of Human Resources Development
D) Ministry of Information & Broadcasting
Answer: C
Course Content for CAIIB BFM [Bank Financial Management]
1. Video Lecture Course (Recorded Videos)
2. Case Study Videos
3. Numerical Videos
4. Notes [pdf]
5. Question Bank [2000] set [pdf]
6. 10 Mock Tests
Course Content for CAIIB Combo Pack
1. Video Lecture Course (Recorded Videos)
2. Case Study Videos
3. Numerical Videos
4. Notes [pdf]
5. Question Bank [6000] set [pdf]
6. 40 Mock Tests
Price: Rs 1000 For 6 Months Validity [Per Paper] & Rs 3000 6 Months Validity [Combo Pack All 4 Papers]
Rs 2000 For Lifelong Validity [Per Paper] & Rs 4500 Lifelong Validity [Combo Pack All 4 Papers]
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