Achi news desk-
Of money
– Image: iStock
expansion
Under the Liberalized Remitter Scheme, i.e. LRS, a record amount of $31.73 billion was sent abroad from India in the financial year 2023-24. This happened because of the strong growth in international travel.
According to RBI data, this is about 17% more than the $27.14 billion sent in 2022-2023. The amount of money sent abroad has been increasing continuously in the last 10 years. Sakshi Gupta, Chief Economist at HDFC Bank, said the increase in remittances is mainly due to the increase in per capita income. Because of the increase in income, people are spending a lot on foreign travel, education abroad and more. On international travel increased to $17 billion in the previous fiscal year, it was $4.61 billion and $3.58 billion was spent on care of relatives abroad, respectively.
NRI deposit above 8 years
The flow of money deposited by non-resident Indians (NRIs) increased by 63.55% to $14.7 billion in the financial year 2023-24. It was $8.98 billion in 2022-23. The previous highest level was $15.97 billion in the 2015-16 fiscal year. Most of the money went to expatriate accounts in foreign currency. $6.37 billion went into these accounts.
