Business Standard

Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data

Spend on international travel accounts for 48% of total remittance

united states
Premium

Overseas education constituted the fourth largest segment, with $738.42 million remitted in the April – June quarter, against $1.16 billion in the year-ago period.

Subrata Panda Mumbai
Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) made a strong comeback in the first quarter of FY23 as Indians increased spending on international travel, maintenance of close relatives, and gifts.

The latest data for Q1FY23 released by the RBI shows that remittance by Indians under the scheme jumped 64.75 per cent to over $6.04 billion from $3.67 billion in Q1FY22. The amount remitted in Q1FY23 is even higher than that in Q4FY22, where outward remittance under LRS was to the tune of $5.8 billion.

In April, about $2.02 billion was remitted, followed

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 21 2022 | 11:23 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com