look news india
Mumbai: Outward remittances under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (RBI) have increased by 24 percent year-on-year to $ 27.42 billion in the April to January period of the current financial year.
In the April-January period, remittances in the international travel segment grew 30.67 per cent year-on-year to $14.95 billion, compared to $11.44 billion in the same period last fiscal.
Apart from this, funds sent under the care of close relatives and education were $ 3.95 billion and $ 3.04 billion respectively.
Under the LRS, introduced in 2004, every Indian citizen can remit up to $2.5 million per financial year for eligible expenses.
NRI deposits grew by 70.35 per cent to $10.1 billion between April 2023 and January 2024, compared to $5.96 billion in the same period a year ago. Inflows into foreign currency non-resident accounts also increased to $4.15 billion between April 2023 and January 2024, compared to $1.28 billion in the same period a year ago, according to Reserve Bank of India data.
Total receipts (outstanding deposits) of NRI deposits have increased by $82.3 million to $147.73 billion by the end of January 2024. In December 2023 it was $146.90 billion.
FCNR deposits increased from $22.81 billion in December 2023 to $23.51 billion in January 2024. By the end of January, 2023 it was more than $18.20 billion.
Non-resident deposits stood at $97.46 billion in January, 2024 and $95.49 billion in January, 2023, as against $97.69 billion in December, 2023. Non-resident general (NRO) deposits stood at $26.74 billion in January 2024, up from $26.40 billion in December 2023 and $23.12 billion a year earlier.