Outward under the Liberalised Remittance Scheme (LRS) of the (RBI) surged almost 50 per cent in the April-September period of the current financial year as compared to the same period of the previous year.

According to the latest data released by the Reserve Bank of India, resident Indians remitted $13.4 billion during the period as compared to $8.9 billion in the previous financial year.

During the second quarter of FY23, stood at $7.3 billion, compared to $5.2 billion a year ago.

Travel-related were the highest in the July-September period followed by maintenance of close relatives, the data showed.

Remittances under the RBI’s scheme hit a record high in the previous financial year of $19.6 billion.

According to bankers, remittances may surpass the previous high in the current financial year.

Remittances under the RBI’s Liberalised remittance scheme
Q2FY23 Q2FY22
July 1982.44 1308.47
August 2667.81 1965.35
Sep 2671.8 1970.01
Total 7322.05 5243.83
FY23 FY22 % change
Q1 6047.64 3670.64
Q2 7322.05 5243.83
Total H1 13369.69 8914.47 49.9773963
* in $ million
Source: RBI



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