Indians spend more on overseas education |
According to a recent data released by the Reserve Bank of India, spending trends of Indians on overseas travel and education has risen more than 60 percent year on year till May 2019 as the next academic season is about to start. Expenses on overseas travel under the Liberalised Remittance Scheme rose 56 percent to $568 million in May year¬ on¬ year, while spending on education and maintenance of close relatives rose 88 per cent to $334 million and 21 per cent to $ 300 million, respectively. Under this scheme, resident Indians are allowed to spend up to $250,000 a year overseas for a certain permissible current account and capital account expenditure. These include spends on travel abroad, education, maintenance of close relatives as well as gifts to family and friends overseas and medical expenses. In addition, certain capital account expenses like investments in overseas stocks, properties, bonds and deposits are also included in this limit. Indians are spending more on foreign travel than before. Not only has their disposable income gone up, travel agencies now offer flexible payment options and banks are also offering unsecured personal loans for travel and tourism.
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