Outward remittances under RBI's LRS rise 50% to $9.1 billion in Q1

According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year

Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023–24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel.

Major drivers include equity and debt investments, deposits, and the international travel segment, among others.

According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last