INSUBCONTINENT EXCLUSIVE:
released by the central bank showed.Outward remittances under the scheme jumped 29 per cent to $1.99 billion compared to $1.54 billion in
Sequentially, outward remittances under the scheme were up about 3.5 per cent.International travel continued to remain over 50 per cent of
the entire outward remittance by Indians under the scheme
In November, outward remittances for international travel touched $1.03 billion, up 2.25 times from the year-ago period
In 2021, international travel was marred by Covid-related restrictions but slowly picked up later.After international travel, Indians spent
most on maintenance of close relatives, followed by gifts, overseas education
According to the RBI data, outward remittance for maintenance of close relatives was $305.35 million in November, followed by $220.90
including minors, are allowed to freely remit up to $250,000 per financial year for any permissible current or capital account transaction
Initially, the scheme was introduced with a limit of $25,000
The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions.In FY23 so far (till November),
Indians have remitted around $17.28 billion in outward remittances under the scheme
Outflows may touch an all-time high at the end of this financial year, aided by the rise in international travel.In FY22, outflows at $19.61
billion hit an all-time high, aided by overseas education and international travel
In FY21, outward remittances were badly hit as the pandemic-related restrictions shut down international travel for a long period of time
