Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) in the April-January period of financial year 2023-24 (FY24) increased 24 per cent year-on-year to $27.42 billion.

       Overseas remittances in January 2024 stood at $2.62 billion, nearly 9 per cent higher than $2.40 billion in December 2023.

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       In the April-January period of FY24, the international travel segment rose to $14.95 billion, 30.67 per cent up from $11.44 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 $3.95 billion and $3.04 billion, respectively.

       In January, after international travel, Indians spent most on the maintenance of close relatives, followed by overseas education and gifts. According to RBI data, remittance by Indians under the scheme for overseas education was $449.46 million, followed by $267.02 million for the maintenance of close relatives, and $209.58 million as gifts.

       The LRS scheme was introduced in 2004, allowing all resident individuals to remit up to $250,000 per financial year for any permissible current or capital account transaction, or a combination of both, free of charge. In the initial phase, the scheme was introduced with a limit of $25,000, which was gradually revised.

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