The Liberalized Remittance Scheme (LRS) is a scheme introduced by the Reserve Bank of India (RBI) to facilitate the transfer of funds outside India by resident individuals. Under the LRS, resident individuals, including minors, are allowed to freely remit up to USD 250,000 per financial year (April-March) for various permissible transactions involving a current or capital account. The LRS includes a comprehensive list of reasons for which you can remit funds, such as education, medical treatment, travel, gifts, donations, and investments. The LRS scheme applies to the residents of India, and thus, the remittance takes place through a savings account. Non-Residential Indians (NRIs) are not supposed to have any savings accounts in Indian banks. Thus, they cannot remit funds from India, but they are permitted to transfer funds from NRO, NRE, and FCNR accounts abroad as per the regulations and requisite documentation. The permissible capital account transactions under LRS include opening a foreign currency account abroad with a bank outside India, purchase of property abroad, and investment in shares, among others.