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Overseas remittances almost double year on year to $2 billion in April

Travel, relative care top the chart, with the former coming back to pre-Covid levels

Topics
Remittances | Overseas remittances | RBI

Abhijit Lele  |  Mumbai 


The funds sent under the Liberalised Remittance Scheme by resident individuals to study abroad rose to $278 mn in Sept from $160 mn a year ago.
Outward remittances were at an all-time high in FY22

Outward by resident Indians crossed the $2 billion mark to $2.02 billion in April 2022, almost doubling from level of $1.18 billion in the same month last year, according to Reserve Bank of India data.

Three key heads of spending this April were travel, at $880 million ($284 million in April 2021), maintenance of relatives $385 million ($240 million) and Gifts worth $299 million ($161 million). This is under the Liberalised Remittance Scheme (LRS) for resident individuals.

data showed that the spending on international tripled in April 2022 as Covid-related curbs eased in various countries in FY22. The spending on was $6.91 billion in FY22, more than twice that spent in FY21. In FY20, however, spending on was almost $6.95 billion. This indicates overseas travel spending is back to pre-Covid levels.

Outward were at an all-time high in FY22. The rose by 54.6 per cent to $19.61 billion in FY22 from $12.68 billion a year ago. They were at $18.76 billion in FY20, and $13.78 billion in FY19.

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First Published: Fri, June 17 2022. 22:34 IST

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