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Fall in outward remittances good news for India s current account SECTIONS Share Synopsis This is the first time annual remittance outflows contracted since 2015 when the Reserve Bank of India (RBI) doubled the annual limit for sending money abroad to $250,000 and allowed more current account transactions under the Liberalised Remittance Scheme (LRS). Agencies Total outflows contracted 32% in FY21 as major heads like travel, overseas studies and maintenance of close relatives saw a sharp dip. But outflows under permissible capital account transactions like investment in overseas deposits picked up. India’s outward remittances fell by as much as $6 billion in FY21 as the pandemic put brakes on ordinary overseas travel and student traffic to campuses abroad, partly contributing to the current account surplus of $24 billion.

Kumar bhanwalaReserve bankLiberalised remittance schemeHarsh kumar bhanwalaகுமார் பன்வாலாஇருப்பு வங்கிகடுமையான குமார் பன்வாலா