New Delhi, Oct. 28 -- Under the Liberalised Remittance Scheme (LRS), resident individuals can remit up to $250,000 (approximately Rs.2 crore) in a financial year, from April to March, for permitted current or capital account transactions. These include travel, education, medical treatment, gifts and overseas investments.

According to a Zee Business report on Tuesday, the Reserve Bank of India (RBI) has proposed a Rs.50 lakh sub-limit on certain transactions under the LRS.

The proposal is aimed at curbing dollar outflows and supporting India's foreign exchange reserves, according to sources cited in the report. Business travel and pilgrimages may also be brought under the proposed sub-limit.

Education and medical expenses are likely to ...