India’s Outward Remittances Stay Flat in Oct, Travel Up While Study Money Drops

India’s outward remittances under the Liberalised Remittance Scheme (LRS) barely changed in October, staying near $2.36 billion.

Overall Outward Remittance Figure

The total amount sent abroad in October 2024 was $2.36 billion, only a little lower than the $2.40 billion recorded a year earlier.

Where the Money Went

• Travel: Indians spent about $1.35 billion on overseas trips.
• Study Abroad: Spending fell to $163 million, down from $221 million a year ago.
• Equity & Debt Investments: Outflows rose sharply to $273 million from $149 million in October 2023.

Key Takeaways

• Outward remittances are essentially flat compared with last year.
• Travel remains the biggest chunk of foreign spending.
• Funds for education abroad are declining, while investment in Indian equities and debt abroad is climbing.

What Is the LRS?

The LRS, set up by the Reserve Bank of India, lets Indian residents send money abroad for approved current‑account and capital‑account purposes, but each person can only send up to a set annual limit.

Remember, this is just an overview, not investment advice. Do your own research before making any financial decisions.