Remittances in foreign currency by an individual for the following current account transactions shall be made within limit of USD 2,50,000:
a)Holiday/Private Visits abroad
d)Employment or education
e)Remittance for Maintenance of a close relative abroad
f)Medical treatment abroad
Further, it is provided that an individual can avail of foreign exchange facility of an amount exceeding the limits as prescribed above under the Liberalized Remittance Scheme (‘LRS’) for the purpose of emigration, education, business travel, medical treatment, etc.
However, the amount so remitted by individual under the LRS shall be reduced from the USD 250,000 by the amount so remitted.