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

LRS outflows fall sharply in October after TCS regime takes effect

Economic Times | 22/12/2023 07:50 PM | Click to read full article

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 fromĀ $3.5 billion in September. All major heads - overseas travel, educational expenses, maintenance of close relatives, and investments in deposits and equities - fell sharply.

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