ENS ECONOMIC BUREAU
MUMBAI,FEBRUARY 20
'OUTWARD REMITTANCESunder the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS) registered a month-on- month growth of 28 per cent to $2.4billion in December, mainly on higher spending by Indians duringoverseas travel. In the first nine months of fi- nancial year 2023-24 (FY24), the total outward remittance was around $25 billion. On a year-on-year basis, out- ward remittancesrose 16 per cent inDecember2023. Indiansremitted $1.878 billion in November and$2.176 billion during October under LRS, the RBI's recent data showed. From October 1, banksimple- mented the government's deci- sion to levy higher Tax Collection at Source(TCS) ratesonpayments under LRS. The higher TCSratesof upto20 per centareapplicable on variousinternational spends such as overseas tour packages which include travel related to medical treatment, business, education, pilgrimage, personal gifts and do- nations, family maintenance and investments. In December, the amount spentbyIndians on traveling a broadss tood at $1.54 billion. ‘The datashowedthat travel con- stituted around 64 per centof the total outward remittances allowed under LRS for resident individuals in the month. The amount spentby Indians on trav- elling to overseas destinations stood at $13.4 billion in the first nine months of FY24,the RBldata showed. FULL REPORT ON
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