Overseas travel spending by Indians, including holiday trips, declined by USD 212.43 million to USD 1.09 billion in March compared to February, according to the Reserve Bank data.
The outward remittances for travel were at USD 1.3 billion in February and USD 1.65 billion in January this year.
The RBI data on ‘Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals’ shows overseas spending by Indians under different categories, including travel, maintenance of close relatives, studies abroad, investments in equity and debt.
Under the LRS, resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April-March) for any permissible current or capital account transaction or a combination of both.
Against the backdrop of the West Asia conflict pushing oil prices higher and pulling down the rupee to record lows, Prime Minister Narendra Modi has urged people to reduce foreign travel and opt for carpooling,​Overseas travel spending by Indians, including holiday trips, declined by USD 212.43 million to USD 1.09 billion in March compared to February, according to the Reserve Bank data.
The outward remittances for travel were at USD 1.3 billion in February and USD 1.65 billion in January this year.
The RBI data on ‘Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals’ shows overseas spending by Indians under different categories, including travel, maintenance of close relatives, studies abroad, investments in equity and debt.
Under the LRS, resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April-March) for any permissible current or capital account transaction or a combination of both.
Against the backdrop of the West Asia conflict pushing oil prices higher and pulling down the rupee to record lows, Prime Minister Narendra Modi has urged people to reduce foreign travel and opt for carpooling, ​Latest News [ SOBAN NEWS: International and National ]
