Business Standard

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

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

Abhijit Lele Mumbai
Outward remittances 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.

RBI data showed that the spending on international travel tripled in April 2022 as Covid-related curbs eased in various countries in FY22.

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First Published: Jun 17 2022 | 10:34 PM IST

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