look news india
New Delhi: Money sent abroad under the Reserve Bank of India's Liberal Remittance Scheme (LRS) declined by about 2 percent in April 2024 as compared to the same period last year. This is due to a decrease in deposits and expenditure on close relatives living abroad.
According to the latest Reserve Bank of India bulletin, remittances under the scheme in April 2024 stood at $2.28 billion, down 1.98 per cent from $2.33 billion in April 2023. Expenditure on international travel, the highest spend item in foreign remittances, grew 4.04 per cent to $1.14 billion over the same period last year.
Remittances sent to care for close relatives fell to $291.69 million in April 2024 from $449.38 million a year earlier. Deposit-related remittances fell 29.7 percent to $72.67 million compared to the same period last year.
Money sent as gifts fell by 8.43 percent to $ 311.16 million. Similarly, investments in equity and debt increased by 20 percent to $ 98.94 million. This has led to a decline in total remittances. Expenditure by Indians on education abroad under the Liberal Remittance Scheme fell marginally to $ 208.02 million in April.
