Consider the following statements:

1. Remittances refer to the transfer of money by a resident individual to another country for purposes like education, travel, investment, or maintenance of close relatives.

2. Under the Liberalised Remittance Scheme (LRS), a resident individual in India can freely remit up to $1,00,000 per financial year for education, medical treatment, and investment in foreign stocks.

Which of the statements given above is/are correct?