Page 3 - Outward Remittances
Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data
Spend on international travel accounts for 48% of total remittance
 "Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data")
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
 "At around $1 bn, travel accounts for half of outward remittances in May")
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
 "Outward remittances under RBI's LRS surge after FY21 lull due to Covid-19")
Remitting money abroad? Do your research to avoid getting fleeced on cost
Select a player that offers complete transparency on both the transaction fee and the exchange rate it is going to levy
 "Remitting money abroad? Do your research to avoid getting fleeced on cost")
Outward remittances cross $1 bn in Sept 2017
The money sent for travel rose to $398 million in September from $217 million a year ago
 "Outward remittances cross $1 bn in Sept 2017")
Huge outward remittances a recent phenomenon
Bankers say outward remittances is confusing but can still be attributed to perception of stability in Indian economy
 "Huge outward remittances a recent phenomenon")