Outward remittances through RBI's LRS hit an all-time high in FY22

Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) was at an all-time high in FY22, as it made a strong comeback from the previous year’s tepid show because of Covid-19-led disruptions. The comeback was aided by Indian’s spending more on international travel and overseas education.

In FY22, outflows under the LRS scheme was to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed. In FY21, outward remittance under the scheme was $12.68 billion; in FY20 it was $18.76 billion; and in FY19 it was $13.78 billion.

As Covid-related restrictions