Outward remittances under liberalised remittance scheme jump 50% in H1

Outward remittances under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) surged almost 50 per cent in the April-September period of the current financial year as compared to the same period of the previous year.

According to the latest data released by the Reserve Bank of India, resident Indians remitted $13.4 billion during the period as compared to $8.9 billion in the previous financial year.

During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago.

Travel-related remittances were the highest in the July-September period followed by maintenance of close relatives, the data showed.

Remittances under the RBI’s scheme hit a record high in the previous financial year of $19.6 billion. According to bankers, remittances may surpass the previous high in the current financial year.