Indians Sent Record Remittance Overseas In January: Know How Much?

Posted By:
Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    As per an RBI data, outward or outbound remittances by Indians for the January month scaled to a new high of $1.2 billion. On a cumulative basis, for the first 10 months of the current FY, the outflows totaled to $8.17 billion in comparison to $4.6 billion in the corresponding period in the year ago period.

    Indians Sent Record Remittance Overseas In January: Know How Much?

    The record remittances were for a varied purposes including funding of children's education abroad, for travel related expenditure or sent as gifts or money to relatives abroad.

    The rules for sending money or remittance abroad by a resident Indian or NRI are covered under the Foreign Exchange Management Act (FERA). Currently, there is a cap to this overseas remittance by Indian resident at $250,000 per year. The amount can also be remitted in lieu of the some of the select investments.

    Of the total flows, 90% was remitted towards gifts, travel, education and as maintenance cost for relatives overseas.

    Furthermore, of the total nearly 33% of the total outward remittance is towards maintenance of relatives abroad and for gifts.

    The policy for sending outward remittance eased after the foreign reserve of India crossed the historical $100 billion mark in the year 2003. Then came in the liberalized remittance scheme introduced in the year 2014 which allows all residents including minors to engaged in a forex transaction of $2,50,000 per person per financial year.

    Goodreturns.in

    Story first published: Monday, March 26, 2018, 13:17 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more