LRS Outward Remittance

Outbound remittances rose slightly to $2.78 bn, even as H1 outflows stayed lower due to weaker education and family transfers

India's outward remittances fell 17.7% YoY to $2.6 bn in August 2025, led by lower travel and overseas education spending amid tightening US visa norms

Reserve Bank of India plans to block overseas fixed deposits under Liberalised Remittance Scheme to curb misuse, protect forex reserves, and prevent passive capital flight by resident Indians

Overseas remittances for the purchase of immovable property rose by 28.32 per cent Y-o-Y to $277.7 million

In the September-November quarter of financial year 2025, Indians remitted $7.1 billion overseas, compared to $7.5 billion in the same period last year

In the August-October quarter of financial year 2024, Indians remitted $8.37 billion overseas, compared to $9.05 billion during the same period last year

Remittances for studies abroad grew marginally to $416.39 million

In June 2024, overall remittances fell around 44 per cent Y-o-Y to $2.18 billion amid a decline in remittances across categories

According to a survey by the Reserve Bank of India on post-Covid-19 remittances, the United States emerges as the primary contributor, constituting 23% of the total amount

The outflows under the scheme were mainly driven by the international travel segment, equity and debt investments, maintenance of close relatives, among others

Two British banks, one Swiss bank and a leading Emirates lender have closed the accounts of these Indians in the last two months

In the August-October quarter of financial year 2024, Indians remitted $9.05 billion overseas, as compared to $7.26 billion in the second quarter of FY24

The overall remittances increased by 43 per cent from July

During the reported month, deposits remitted declined to $50.12 million from $227.23 million in June

According to an announcement by the finance ministry, there will be no change in the rate of Tax Collected at Source on international spending through credit cards

The online travel booking company said that it will do so 'given the complexity of complying to the changes' to the TCS rules which will come into effect on July 1

For every $100 you spend abroad using your international credit card, you will need to fork out $120 and then claim it when you file your tax return

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Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high

The figure in FY22 was the highest ever in any financial year