 "RBI, Reserve Bank of India")
Outward remittances under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) rose 3.6 per cent in November 2024 to $1.95 billion from $1.87 billion in the year-ago period as growth in overseas investment balanced the degrowth in remittances under international travel, as per RBI’s latest data.
During September-November 2024, Indians remitted $7.1 billion overseas, as compared to $7.5 billion in the same period of 2023.
As per the LRS introduced in 2004, all resident individuals, including minors, are allowed to remit up to $250,000 per financial year for any permissible current or capital account transaction, or a combination of both. Initially, the scheme was introduced with a limit of $25,000. The LRS limit has been revised in stages consistent with the prevailing macro and microeconomic conditions.
According to the RBI Bulletin for November, international travel, which accounted for over 60 per cent of the entire outward remittance by Indians under the scheme, dropped by 5.6 per cent to $1.13 billion as compared to $1.18 billion in the same month of 2023.
Remittances for the purchase of immovable property surged nearly 128 per cent to $23.5 million from $10.3 million in the year-ago period. At the same time, investments in equity and debt markets saw a 107.7 per cent Y-o-Y rise to $85.79 million from $41.3 million. Remittances for deposits rose to $40.21 million from $25.19 million in the year-ago period.
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 "RBI")
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 "Reserve Bank of India, RBI")
According to the RBI data, during the month under review, outward remittance by Indians under maintenance of close relatives also increased by 33.9 per cent to $276.78 million from $206.6 million, whereas for gifts rose to $216.5 million from $181.5 million.
On the other hand, the amount for overseas education dropped by 16.9 per cent to $172.4 million from $207.5 million. Remittances for medical treatment dipped slightly to $7.5 million during the time period under consideration.
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