Under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India, the money going abroad during April-January in FY 2023 has crossed the figure of the previous financial year (FY 2022) and reached the highest level ever. It has been strengthened by international visits.
According to the Reserve Bank of India data in its monthly bulletin for March, the remittances abroad under the scheme stood at $22.08 billion during April-January. A total of $2.72 billion has been sent abroad in January 2023 alone. This is the highest outflow of funds during a month in the current financial year.
In FY22, Indians remitted a little over $19.61 billion under the Reserve Bank’s LRS scheme, which was the highest ever. Data from the Reserve Bank shows that in the first 10 months of the current financial year 2023, the record made in the same period last year was broken. This has increased especially due to international travel.
In FY21, there was a huge drop in the money going abroad due to the pandemic, as there were many restrictions and international travel was closed for a long time.
India’s remittances under the scheme stood at $12.68 billion in FY21, a decline of 32.38 per cent compared to FY20 when $18.76 billion was sent under the LRS.
