External remittances under the liberal remittance scheme (LRS) have dropped to $ 2.13 billion in June-month-month, the RBI bulletin shows. Each component of external remittances compared to the previous month, except for equity and debt investment abroad, which increased 98% to $ 206 million in June, $ 104 million in May.
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Indians spent $ 1.2 billion in June compared to $ 1.4 billion in May. The cost of foreign education was $ 138 million in June, which was opposite 9149 million in the previous month.
The LRS introduced by the Reserve Bank India F India allows residential persons to send funds abroad for certain current and capital account transactions, subject to the annual limit. By 2025, the maximum money allowed under this scheme is per individual per fiscal year, 000 250,000 (approx. 2.15 crore).
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