Outward Remittances

Remitting large amount abroad? Pay TCS, declare income accurately

Maintain detailed records of foreign remittances, including purpose, amount, and beneficiary details

Outward remittances under RBI's LRS drop 24% to $6.9 billion in Q1 FY25

In June 2024, overall remittances fell around 44 per cent Y-o-Y to $2.18 billion amid a decline in remittances across categories

Wise Payments eyes more of India's $32 billion in overseas remittances

Major lenders like ICICI Bank Ltd. and State Bank of India have dominated the outbound remittance market in India

Outward remittances fell 16% in May due to increase in TCS: RBI bulletin

Remittances under the scheme stood at $2.42 billion in May 2024

Outward remittances under LRS dips 2% in April, says RBI bulletin

According to the latest Reserve Bank of India (RBI) bulletin, the remittances under the scheme stood at $2.28 billion in April 2024, 1.98 per cent below $2.33 billion in April 2023

Check mid-market exchange rate in global currency when sending money abroad

Ensure the money transfer provider is a licensed entity

Outward remittances under LRS hit new high of $31.73 bn: RBI data

The remittances have seen a continuous increase in the last 10 years owing to improved per capita income in the country

Outward remittances hit new high at $29 billion in April 2023-February 2024

In February 2024, the outward remittances stood at $2.01 billion, which was 23% lower than $2.62 billion in January 2024

Outward remittances under Reserve Bank of India's LRS up 27% in Apr-Jan

Overseas remittances in January 2024 stood at $2.62 billion, nearly 9 per cent higher than $2.40 billion in December 2023

Outward remittances under LRS rise 20% to $24.80 billion in 9MFY24

The outflows under the scheme were mainly driven by the international travel segment, equity and debt investments, maintenance of close relatives, among others

Outward remittances under RBI's LRS scheme dropped 60% in October

In the August-October quarter of financial year 2024, Indians remitted $9.05 billion overseas, as compared to $7.26 billion in the second quarter of FY24

Outward remittances under RBI's LRS rose 26% in Q2FY24, shows data

In September 2023, Indians remitted $3.50 billion overseas, compared to $2.67 billion in September 2022

Equity, debt markets helped outward remittance rebound in August

The overall remittances increased by 43 per cent from July

Outward remittances surge to $ 2.9 billion in May, shows RBI data

People in India spent close to $1.5 billion on international travel in May, against $1.10 billion in April

Outward remittances under LRS scheme fall slightly in April to $2.33 bn

However, on a year-on-year (YoY) basis, outward remittances under LRS in April were up 15.23 per cent

Your credit card payments overseas will attract a 20% TCS from July 1

For every $100 you spend abroad using your international credit card, you will need to fork out $120 and then claim it when you file your tax return

Outward remittances under RBI's LRS in April-January surpass FY22

The figure in FY22 was the highest ever in any financial year

DHL suspends operations in Pak amid restrictions on outbound remittances

DHL, a global logistics company announced the suspension of some of its operations partially in Pak due to the govt's restrictions on outbound remittances, Pakistan-based Dawn newspaper reported

Indians spent nearly $10 billion on foreign travel in April-December

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

Outward remittance in April-December almost equal to FY22 figure: RBI

In FY22, outflows under the LRS scheme at $19.61 billion was an all-time high