Travel leads Forex spending abroad: RBI Data

Outward remittances under the Reserve Bank of India’s Liberalised Remittance Scheme or LRS fell nearly 2% in April 2024 compared to the same period last year, due to a decline in remittances for the maintenance of close relatives and deposits.

Despite this overall decline, remittances for international travel, the largest component, increased by 4.04% year-on-year to 1.14 billion dollars.

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Additionally, investment in equity and debt rose by 20% to around $99 million year-on-year, partially offsetting the decrease in other areas.

According to the latest RBI bulletin, total remittances under the scheme stood at 2.28 billion dollars in April 2024, a 1.98% decrease from 2.3 billion dollars in April 2023.

During April 2024, remittances for the maintenance of close relatives dropped to 391.69 million dollars from 449.38 million dollars in April 2023.