Page 2 - Outward Remittances

Outward remittances hit new high at $29 billion in April 2023-February 2024

In February 2024, the outward remittances stood at $2.01 billion, which was 23% lower than $2.62 billion in January 2024

Outward remittances under Reserve Bank of India's LRS up 27% in Apr-Jan

Overseas remittances in January 2024 stood at $2.62 billion, nearly 9 per cent higher than $2.40 billion in December 2023

Outward remittances under LRS rise 20% to $24.80 billion in 9MFY24

The outflows under the scheme were mainly driven by the international travel segment, equity and debt investments, maintenance of close relatives, among others

Outward remittances under RBI's LRS scheme dropped 60% in October

In the August-October quarter of financial year 2024, Indians remitted $9.05 billion overseas, as compared to $7.26 billion in the second quarter of FY24

Outward remittances under RBI's LRS rose 26% in Q2FY24, shows data

In September 2023, Indians remitted $3.50 billion overseas, compared to $2.67 billion in September 2022

Equity, debt markets helped outward remittance rebound in August

The overall remittances increased by 43 per cent from July

Outward remittances surge to $ 2.9 billion in May, shows RBI data

People in India spent close to $1.5 billion on international travel in May, against $1.10 billion in April

Outward remittances under LRS scheme fall slightly in April to $2.33 bn

However, on a year-on-year (YoY) basis, outward remittances under LRS in April were up 15.23 per cent

Your credit card payments overseas will attract a 20% TCS from July 1

For every $100 you spend abroad using your international credit card, you will need to fork out $120 and then claim it when you file your tax return

Outward remittances under RBI's LRS in April-January surpass FY22

The figure in FY22 was the highest ever in any financial year

DHL suspends operations in Pak amid restrictions on outbound remittances

DHL, a global logistics company announced the suspension of some of its operations partially in Pak due to the govt's restrictions on outbound remittances, Pakistan-based Dawn newspaper reported

Indians spent nearly $10 billion on foreign travel in April-December

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

Outward remittance in April-December almost equal to FY22 figure: RBI

In FY22, outflows under the LRS scheme at $19.61 billion was an all-time high

Outward remittances under LRS scheme near $2 billion in Nov: RBI

International travel continued to over 50 per cent of the entire outward remittance by Indians under the scheme

Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

Outward remittances under liberalised remittance scheme jump 50% in H1

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

Indians remitted $2.67 billion in August under LRS scheme, shows data

According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.

Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data

Spend on international travel accounts for 48% of total remittance

At around $1 bn, travel accounts for half of outward remittances in May

According to Reserve Bank of India (RBI) data, total remittances rose by 61.8 per cent year-on-year (YoY) to $2.03 billion in May 2022 from $1.25 billion in May 2021

Outward remittances under RBI's LRS surge after FY21 lull due to Covid-19

Under LRS, all resident individuals, including minors, are allowed to remit up to $250,000 in every financial yr for any permissible current or capital account transactions, or a combination of both