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Home / Finance / Analysis / Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data

Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

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According to LRS, which was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000 per financial year for any permissible current or capital account transaction or a combination of both.

Subrata Panda Mumbai

2 min read Last Updated : Dec 20 2022 | 10:45 PM IST

Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) dipped 28 per cent month-on-month (MoM) in October to $1.92 billion, which is generally the festive month, latest data showed.

However, on a year-on-year (YoY) basis, it was up 23 per cent compared to $1.56 billion remitted by Indians in October 2021, according to the data released by the Reserve Bank of India in its December bulletin.

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October. Compared to the same period last year, spending on international travel more

Topics : Reserve Bank of India Remittance RBI Outward Remittances LRS outward remittance foreign travel Travel Indians Overseas education