 "Reserve Bank of India, RBI")
Outward remittances under Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) dropped 10.9 per cent year-on-year (Y-o-Y) to $2.45 billion in July due to lesser spending on international travel, overseas education,etc.
According to the latest RBI data, the amount remitted under LRS was down from $2.75 billion recorded last July.
The LRS scheme was introduced in 2004 permitting all resident individuals to remit up to $250,000 per financial year for any permissible current or capital account transaction or a combination of both free of charge. In the starting phase, the scheme was introduced with a limit of $25,000 which was gradually revised.
The outflows for international travel — which is the largest segment — declined 13.04 per cent Y-o-Y to $1.44 billion. While, the outflows for overseas education was down by 15.77 per cent Y-o-Y in the month to $229.25 million as compared to $272.16 million.
 "Nirmala Sitharaman, Nirmala")
 "loan")
 "CAG")
 "rbi, reserve bank of india")
 "The Reserve Bank of India (RBI) has prescribed norms that lenders have to follow before classifying loan accounts as fraud.")
