Outward remittances under LRS dips 2% in April, says RBI bulletin [Read More]

In April 2024, outward remittances under the Reserve Bank of India’s liberalised remittance scheme (LRS) saw a slight dip of 1.98% year-on-year, totaling $2.28 billion compared to $2.33 billion in April 2023. Remittances for maintenance of close relatives decreased to $391.69 million from $449.38 million, while deposit-related remittances fell sharply by 29.7% to $72.67 million. \r

However, remittances for international travel, the largest component, increased by 4.04% to $1.14 billion. Investments in equity and debt also saw a 20% rise to $98.94 million year-on-year, helping offset the overall decline. FY24 witnessed record remittances of $31.73 billion, primarily driven by robust growth in international travel.