The LRS is a facility provided by the RBI for all resident individuals including minors to freely remit upto a certain amount in terms of US Dollar for current and capital account purposes or a combination of both. Hence under the LRS, individuals are allowed to spend money in foreign countries for certain types of purposes like education, tourism, asset purchase etc. The remittance limit is set for a financial year. Regulations for the scheme are provided under the FEMA Act 1999.
