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In February, Indians remitted $2.1 billion under the RBI’s liberalised scheme. On a year-on-year (YoY) basis — aided by international travel — LRS jumped 15.24 per cent.
In FY22, remittances were a little over $19.61 billion overseas under the LRS scheme. This is also an all-time high.
Outflows under the scheme touched an all-time high in FY23, mainly aided by international travel.
In FY21, under the scheme, India’s remittances stood at $12.68 billion, down 32.38 per cent from FY20, when remittances under LRS were $18.76 billion.
Outward remittances for international travel touched $1.07 billion, up 1.09 times from the same period in 2022.
After international travel, Indians spent most on maintenance of close relatives, followed by gifts, and overseas education in February.
According to the scheme, which was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000 in a financial year. This is for any permissible current or capital account transaction or a combination of both.
Initially, the scheme was introduced with a limit of $25,000. The LRS limit has been revised in stages consistent with the prevailing macro and micro economic conditions.
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