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of <h1>Indian Residents Can Remit Up to USD 250,000 Annually Under LRS for Permissible Transactions Like Travel and Education.</h1> The Liberalised Remittance Scheme (LRS) allows Indian residents to remit up to USD 250,000 per financial year for permissible transactions. This includes current and capital account transactions such as travel, education, and investments abroad. Certain transactions, like remittances for lottery tickets or trading in foreign exchange, are prohibited. Authorized Dealers, typically banks, facilitate these transactions under the guidelines of the Foreign Exchange Management Act (FEMA), 1999. The scheme requires individuals to have a PAN number and adhere to specified documentation. Remittances can be consolidated for family members but must comply with individual limits.
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