The government had introduced the Liberalised Remittance Scheme (LRS)way back in 2004 to enable residents Indians to remit money outside India without seeking approval from RBI.Under the scheme, resident individuals can remit up to $250,000 in a financial year under various heads including current account transactions such as going overseas on employment, studies overseas, emigration, maintenance of close relatives, medical treatment, among others. They can also transfer money for capital account transactions like opening of foreign currency account overseas with a bank, purchase of property and making investments in shares, units of mutual funds, venture capital funds, among others.