A new record in dollar flow out of the country

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MUMBAI: Under the Reserve Bank of India's liberalized remittance scheme, remittances going abroad during April-January in FY2023 have surpassed the previous financial year (FY2022) and reached an all-time high.

According to Reserve Bank of India monthly bulletin data for March, remittances under the scheme during April-January were $22.08 billion. A total of 2.72 billion dollars has been sent abroad in January 2023 alone. This is the highest outflow of funds during a single month in the current financial year.

In FY22, Indians remitted a little over $19.61 billion under the Reserve Bank's liberalized remittance scheme, the highest ever. Reserve Bank data shows that in the first 10 months of the current financial year 2023, the record set in the same period last year was broken.

This has increased especially due to international travel. In FY21, there was a big drop in money going abroad due to Corona, as there were many restrictions and international travel was stopped for a long time.

India's remittances under this scheme were $12.68 billion in FY2014, a decline of 32.38 percent compared to FY2018 when $18.76 billion was sent under the liberalized remittance scheme.

NRI deposits more than doubled

Deposits by non-resident Indians (NRIs) more than doubled to $5.95 billion in the current financial year from April 2022 to January 2023. Which was more than 2.7 billion dollars in the same period of 2022. According to RBI data, foreign deposits are expected to increase from $134.48 billion at the end of December 2022 to $136.81 billion at the end of January 2023. Bankers say that the increase in deposits is due to the relaxation of the interest rate cap.

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