Outward remittances under LRS scheme fall slightly in April to $2.33 bn

Outward remittances under the Reserve Bank of India’s (RBI) liberalised remittance scheme fell slightly in April to $2.33 billion as compared to $2.96 billion in March, mainly due to a fall in overseas travels.

Indians spent around $1.10 billion on international travels in April, against $1.15 billion in March, according to data released by the RBI in its monthly bulletin for April.

However, on a year-on-year (YoY) basis, outward remittances under LRS in April were up 15.23 per cent.

After international travel, Indians spent most on maintenance of close relatives followed by gifts, and overseas education.  

The LRS scheme, which was introduced in 2004, permits all individuals residing in India to transfer up to $250,000 per financial year for various types of transactions involving current or capital accounts, regardless of age.