Indians remitted $2.67 billion in August under LRS scheme, shows data

According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.

Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) jumped 34.57 per cent month-on-month (MoM) in August to $2.67 billion, the latest data released by the central bank in the October bulletin showed.  On a year-on-year (YoY) basis, it was up almost 36 per cent, as Indians increased spending on international travel, among other things.

International travel contributed $1.5 billion of the $2.67 billion remitted by Indians in August. Spends on international travel were almost 2.5 times of what they were in the same period last year. Last year, international travel was marred by Covid-related restrictions