According to the Liberalised Remittance Scheme (LRS), all resident individuals, including minors, have the freedom to remit up to USD 2,50,000 per financial year (from April to March). This amount can be utilized for any permissible current or capital account transaction, or a combination of both.
If the remitter is a minor, the LRS declaration form must be co-signed by the minor’s legal guardian. It’s important to note that this scheme is not applicable to entities such as corporations, partnership firms, Hindu Undivided Families (HUFs), trusts, and similar entities.

Current account transactions refer to activities conducted by a resident that do not impact their assets, liabilities, or contingent liabilities outside India. Any transactions beyond this scope fall under the category of capital account transactions.
Under the Liberalised Remittance Scheme, remittances can be combined for family members, provided that each family member adheres to the scheme’s terms and conditions individually.