Reduction in amount remitted abroad under LRS in April

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MUMBAI: Remittances sent abroad under the Reserve Bank of India's Liberalized Remittance Scheme (LRS) declined marginally to $2.33 billion in April as compared to $2.96 billion in March. This is mainly due to the decline in foreign travel.

The April bulletin issued by the Reserve Bank shows that Indians spent around $1.10 billion on international travel in April, compared to $1.15 billion spent in March.

However, remittances sent abroad under the Liberalized Remittance Scheme increased by 15.23 percent in April compared to the same period last year.

After international travel, Indians tend to spend the most on their near and dear ones followed by sending money abroad for gifts and education.

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