With reference to the Liberalised Remittance Scheme (LRS), consider the following statements.
- Both resident individuals and Hindu Undivided Families (HUFs) are eligible to remit funds under this scheme.
- The annual remittance limit under the scheme is capped at USD 250,000 per individual.
- Funds under LRS can be used for education, travel, and maintenance of relatives abroad.
Which of the above statements is/are correct?