The Reserve Bank of India on Friday, November 18, 2022, released the November 2022 issue of its monthly Bulletin. The bulletin includes the details of outward remittances under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India.
Remittances under the RBI’s scheme hit a record high in the previous financial year of $19.6 billion (19610.77 US$ Million). It is expected that remittances may surpass the previous high in the current financial year.
According to the latest data released by the Reserve Bank of India, resident Indians remitted $13.4 billion during the first half period of 2022-23 as compared to $8.9 billion in the previous financial year.
During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago. The details of second quarter Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals are as under:
Amount in US$ Million
Deposit | 1982.44 | 2667.81 | 2671.40 |
Purchase of immovable property | 79.96 | 72.02 | 79.30 |
Investment in equity/debt | 11.65 | 12.24 | 14.64 |
Gift | 59.71 | 53.53 | 76.54 |
Donations | 1.18 | 1.57 | 0.98 |
Travel | 1015.27 | 1469.73 | 1402.67 |
Maintenance of close relatives Abroad | 292.72 | 330.70 | 366.47 |
Medical treatment Abroad | 4.29 | 4.95 | 4.67 |
Studies Abroad | 276.03 | 467.52 | 424.95 |
Others | 25.30 | 34.25 | 57.46 |
We may observe from the above chart that more than 50% of the Outward Remittances are from India. Travel-related remittances were the highest in the July-September period followed by maintenance of close relatives and for studies abroad. Remittances for the purpose of investments & purchase of the immovable property are also sizably increasing.
Related Post:
Priority Sector lending (PSL) means bank lending to those sectors that the Government of India…
The World Bank was established in 1944 in the name of the International Bank for…
International Monetary Fund (IMF) is an important financial agency of the United Nations and an…
The SDR (Special Drawing Rights) is an international reserve asset created by the IMF as…
The World Trade Organization (WTO) is an intergovernmental organization established on January 1, 1995, replacing…
The RBI on Thursday said Gurugram-registered TalkCharge Technologies Pvt. Ltd. having its registered office at…