Consider the following statements about New Pension Scheme (NPS):
1. Non-resident Indians (NRIs) are allowed to invest in NPS.
2. The minimum investment limit per year under NPS Tier-I account is Rs 6000/-.
Which of the statements given above is/are correct?
[C]Both 1 and 2
[D]Neither 1 nor 2
Both 1 and 2
Recently, Reserve Bank of India (RBI) has allowed Non-resident Indians (NRIs) to invest in the National Pension System (NPS), under Foreign Exchange Management Act. The subscription amounts shall be paid by NRIs by inward remittance through normal banking channels or out of funds held in their non-resident external, foreign currency non-repatriable, or non-resident ordinary (NRO) accounts. There shall be no restriction on repatriation of the annuity or accumulated savings. Presently, the minimum investment limit per year under NPS Tier-I account is Rs 6000/-.