Travel dominates forex spending abroad: RBI data - IndiaTimes

Outward remittances from India under the liberalised remittance scheme (LRS) fell slightly by just 2% year on year, data from the Reserve Bank of India (RBI) shows. Travel continued to be the largest chunk of foreign currency outflows at $1.14 billion exactly half of the $2.29 billion of total outflows in April, data from the central bank’s monthly bulletin showed.
In April, the first month of the new fiscal, the total forex outflow under the LRS remained similar to the March number of $2.30 billion. Maintenance of close relatives remained the second largest reason for remittances but was down 13% to $392 million in April 2024 from $449 million April 2023.

Indians had spent a record $31.7 billion overseas under the LRS in the fiscal ended March 2024 nearly a 17% increase over the $27.1 billion recorded in the year earlier, despite an increase in the newly created tax collected at source (TCS) from 5% to 20% on foreign expenditures exceeding Rs 7 lakh from October 2023.

Under the LRS, all resident individuals, including minors, are allowed to freely remit up to $2.5 lakh per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

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2024-06-19 12:37:00Z
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