Outward remittances under LRS drop 8.6%

Outward remittances under the Reserve Bank of India's (RBI's) Liberalised Remittance Scheme (LRS) in the April-January period of financial year 2023-24 (FY24) dropped 8.64 per cent year-on-year to $25.05 billion from $27.42 billion in the year-ago period, dragged down by declines across major segments.

- AATHIRA VARIER

The LRS scheme was introduced in 2004, allowing all resident individuals to remit up to $250,000 per financial year for any permissible current or capital account transaction, or a combination of both, free of charge. In the initial phase, the scheme was introduced with