Outward remittances under LRS fell 11% to $2.45 billion in July: RBI

According to the latest RBI data, the amount remitted under LRS was down from $2.75 billion recorded in July 2024

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Outward remittances under Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) dropped 10.9 per cent year-on-year (Y-o-Y) to $2.45 billion in July due to lesser spending on international travel, overseas education,etc. 

According to the latest RBI data, the amount remitted under LRS was down from $2.75 billion recorded last July.

 

The LRS scheme was introduced in 2004 permitting all resident individuals to remit up to $250,000 per financial year for any permissible current or capital account transaction or a combination of both free of charge. In the starting phase, the scheme was introduced with a limit of $25,000 which was gradually revised.  The outflows for international travel — which is the largest segment — declined 13.04 per cent Y-o-Y to $1.44 billion. While, the outflows for overseas education was down by 15.77 per cent Y-o-Y in the month to $229.25 million as compared to $272.16 million.