According to data released by the Reserve Bank of India (RBI), outward remittances under the Liberalised Remittances Scheme (LRS) have increased by over 200% in the last year. For students studying abroad, parents have sent a record high of $1 billion, or about 6600 crore Rupees in the last nine months, Indian Express reported. Overall remittances in the last 11 month by Indian residents was $3.81 billion, in the first 11 months of fiscal 2015-16. This is a sharp increase, of almost 187% more than $1.32 billion outward remittances in 2014-15. On an average, remittances now amount to over $400 million every month. Under the Liberalised Remittances Scheme, Indian residents can buy and hold shares, debt instruments or other assets outside India, without seeking an RBI approval, to a maximum of $250,000 per individual per year. Over 3 lakh Indians are estimated to travel abroad every year, and America is the most popular destination for higher studies.