Outward remittances to Indian students staying abroad under the Liberalised Remittance Scheme (LRS) touched a record high of $1 billion during July-February 2015-16, according to RBI data.

LRS allows resident Indians to remit up to $250,000 per year for any permissible transaction without RBI approval.

Further, remittances under LRS surged 188.6% in 2015-16 (till February) to $3.81 billion.