AATHIRA VARIER
Mumbai, 19 March
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 $2742 billion.
Overseas remittances in January 2024 stood at $2.62 billion, nearly 9 per cent higher than $2.40 billion in December 2023. 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.
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