Outward Remittances

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

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

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

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

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

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

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

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.

Spend on international travel accounts for 48% of total remittance

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

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

Select a player that offers complete transparency on both the transaction fee and the exchange rate it is going to levy

The money sent for travel rose to $398 million in September from $217 million a year ago

Bankers say outward remittances is confusing but can still be attributed to perception of stability in Indian economy