News > LRS outflows fall sharply in October after TCS regime takes effect

LRS outflows fall sharply in October after TCS regime takes effect

Outward remittances under the Liberalised Remittances Scheme, or LRS, declined by 37% in October, the first month after the government stepped up tax deductions at source on such expenses, data from the Reserve Bank of India (RBI) showed. The remittances fell to $2.1 billion from $3.5 billion in September. All major heads - overseas travel, educational expenses, maintenance of close relatives, and investments in deposits and equities - fell sharply.