The funds sent under the Liberalised Remittance Scheme by resident individuals to study abroad rose to $278 mn in Sept from $160 mn a year ago.

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

Rupee, money, fund

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

Credit card

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

chart

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

DHL Express

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

abroad

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

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

Chart

International travel continued to over 50 per cent of the entire outward remittance by Indians under the scheme

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago

remittance

According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.

united states

Spend on international travel accounts for 48% of total remittance

According to Reserve Bank of India (RBI) data, total remittances rose by 61.8 per cent year-on-year (YoY) to $2.03 billion in May 2022 from $1.25 billion in May 2021

Under LRS, all resident individuals, including minors, are allowed to remit up to $250,000 in every financial yr for any permissible current or capital account transactions, or a combination of both

FOREX, dollar, currency, remittance

Select a player that offers complete transparency on both the transaction fee and the exchange rate it is going to levy

The money sent for travel rose to $398 million in September from $217 million a year ago

Huge outward remittances a recent phenomenon

Bankers say outward remittances is confusing but can still be attributed to perception of stability in Indian economy

Those who are investing in foreign stocks, mutual funds, or cryptocurrencies abroad will have to pay more TCS if they spend beyond Rs 7 lakh  in a financial year.

mutual fund

Catch all the latest news updates live from across the globe here

Vande Bharat train

India must press on with its response to international questioning and criticism by Canada and allies

India Canada

Bharti Airtel on Saturday announced it has garnered over 50 million 5G customers on its network - a feat achieved within one year of the launch of Airtel 5G Plus.
The Sunil Mittal-led telecom company also said Airtel 5G Plus services are available across all districts in the country.
"Airtel continues its 5G growth streak with 50 million unique customers on its network," the company said.
Making it one of the fastest rollouts in the country, Airtel 5G Plus is available across all the 28 states and 8 union territories.
Randeep Sekhon, Chief Technology Officer (CTO) of Bharti Airtel said the telco is thrilled at the speed of adoption of 5G by millions of customers and added "we are reaching this milestone earlier than planned".
"This marks a big expansion of Airtel's 5G coverage going from 1 million in October of 2022 to 50 million in just 12 months of the launch. The expansion continues at full speed and I am sure, we will continue to rapidly multiply as we work towards nationwide

Airtel 5G, Airtel

The hike in prices is likely to hurt consumers as the gas distribution companies are expected to increase prices of CNG and PNG

natural gas pipeline

Stocks to watch on Thursday, September 28 2023: Telecom stocks too may see some action after Trai data for July showed considerable new subscriber additions for Jio and Airtel; and loss of market shar

BSE, stock market, sensex

Early last week, Canadian Prime Minister Justin Trudeau made an explosive statement accusing the Indian government of being involved in the killing of Khalistani terrorist Hardeep Singh Nijjar

At the end of the mission, Breuer and Svirydzenka said in a statement that Sri Lanka has made commendable progress in implementing reforms

IMF, International Monetary Fund

The electoral college included the elected members of the state committees who underwent a similar process in their respective states

Special Olympics

However, on September 1, the ECP had announced squeezing timelines of the delimitation exercise by 14 days to complete the process on Nov 30, instead of the scheduled Dec 1, Dawn reported

Pakistan flag

CM Gehlot further mentioned that all promises and the schemes that were announced in the run-up to the elections will be implemented

Rajasthan Chief Minister Ashok Gehlot (Photo: ANI)

Rajasthan Chief Minister Ashok Gehlot inaugurates and lays the foundation stone of construction of highway projects in Rajasthan via video conference in Jaipur on Tuesday.

The summit, also known as Parliament 20 (P20) is expected to be held between October 12 and 14 in the new Parliament building

Vice President Jagdeep Dhankhar

The last Krishi Kumbh was organised in 2018

Yogi Adityanath, Operation Conviction

Asian Games 2023 LIVE udpates: Indian men's team lock horns with China in the afternoon in a historic Gold medal match. India have won 10 Gold, 14 Silver and 14 Bronze with a total of 38 medals.

Asian Games 2023 live updates October 1

In a boost to the agri-tech sector, experts have recommended 24 start-ups for both technical and financial support from a dedicated fund of Rs 20 crore, an official release said on Saturday

Outward Remittances

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

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

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

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

DHL suspends operations in Pak amid restrictions on outbound remittances

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

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

Outward remittances under LRS scheme near $2 billion in Nov: RBI

Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data

Outward remittances under liberalised remittance scheme jump 50% in H1

Indians remitted $2.67 billion in August under LRS scheme, shows data

Indians remitted $6 bn in Q1FY23 under LRS scheme, shows RBI data

At around $1 bn, travel accounts for half of outward remittances in May

Outward remittances under RBI's LRS surge after FY21 lull due to Covid-19

Remitting money abroad? Do your research to avoid getting fleeced on cost

Outward remittances cross $1 bn in Sept 2017

Huge outward remittances a recent phenomenon