Outward remittances grow four-fold in July

Maintenance of close relatives, students expenses top chart

The outward remittances from Indians grew by over four times in July 2015 to $380 million from $90.2 million in July 2014. The remittance for maintenance of close relatives jumped over 10 times to $124.2 million in July 2015, up from $11.1 million in a year ago.

According to Reserve Bank of India data Money sent under the Liberalised Remittance Scheme (LRS) for Resident Individuals for studies abroad grew five fold in July 2015 $113.9 million from $18.2 million a year ago.

This being a month before education session begins especially in North America and Europe and money is sent for fees and expenses for students, analysts said.

Payments for Gifts which were $29.8 million in July 2014 jumped to $52.8 million in July 2015. The total money sent abroad towards gifts was $403.5 million, RBI said.

The investment into debt and equity under LRS was $24.2 million in July 2015 up from $16.2 million a year ago. The outward investment for total investment into debt and equity stood $195.5 million in 2014-15.