Indians remitted $29.43 billion abroad during the April-February period compared to $24.18 billion in the same period of the previous year. In the entire financial year 2023, the remittances clocked a record high of $27.14 billion.
Remittances under LRS, which had witnessed a drop in financial year 2021 due to the COVID-19 pandemic, witnessed recovery from financial year 2022 and continued to rise in financial year 2023 as well.
In February 2024, the outward remittances stood at $2.01 billion, which was 23 per cent lower than $2.62 billion in January 2024.
In the April-February period of financial year 2024, the international travel segment rose to $16 billion, 27.91 per cent up from $12.51 billion in the year-ago period. This growth was followed by funds used for the maintenance of close relatives and overseas education, which stood at $4.22 billion and $3.28 billion respectively.
Furthermore, remittances in the reported month slipped nearly 4 per cent on a year-on-year basis from $2.1 billion in February 2023 due to a drop in international travel.
According to February data, international travel, which accounted for over 50 per cent of the entire outward remittances under the scheme, marginally dropped to $1.05 billion – a decline of 1.6 per cent from the same period a year ago.
Remittance by Indians under the scheme for maintenance of close relatives was $266.39 million, followed by $246.82 million for overseas education, and $233.91 million as gifts.
Outward Remittances under the LRS
*Source: RBI Bulletin
First Published: Apr 23 2024 | 6:46 PM IST
