Record outward remittances |
The sharp jump in outward remittance of funds by individuals under the liberalised remittance scheme (LRS) continued for the third straight month and hit a new high of $457.5 million in September 2015, taking the outflow in the first six months of this financial year to $1.63 billion, which is significantly higher than the total outward remittance of $1.32 billion in the whole of financial year 2014-15.Earlier in July and August 2015 too, the remittance stood at a high of $380 million and $408 million, respectively.The rise in remittance between July and September has been more than four times the average monthly remittance in the past has been driven by money remitted for maintenance of relatives abroad, for study purposes and for travel. September witnessed an exponential jump in money remitted for travel purposes. While the total money remitted abroad for travel purposes in 2014-15 stood at $11 million, for September 2015 alone, it amounted to $98 million. The month of September also witnessed almost 9 times year-on-year rise in remittance for the purpose of maintenance of relatives abroad and a four times jump in money remitted for study abroad.
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