With reference to the Liberalised Remittance Scheme, consider the following statements:

1. The scheme enables all resident individuals, excluding minors, are allowed to freely remit up to USD 2,50,000 per financial year.

2. The permissible current account transactions under the scheme involve remittances to meet religious obligations and remittances to invest in foreign assets.

Which of the statement/s given above is/are correct?