Indians sent record amount of money abroad in January

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Mumbai: Indians sent record remittances overseas in January, more than doubling from a year earlier, as more people funded childrenโ€™s education in foreign universities, spent on tourism and sent money and gifts to their relatives abroad, data from the central bank showed.
Outbound remittances by individual residents touched a new high of $1.2 billion in January, according to Reserve Bank of India data. Cumulative outflows in the first 10 months of this financial year were $8.17 billion, compared with $4.6 billion in the same period a year ago.
Resident Indians can send up to $250,000 per year to their relatives abroad for certain expenses, including select investments. Some are helping to create long-term income avenues for their overseas beneficiaries. Four categories โ€“โ€“ gifts, maintenance of relatives abroad, travel and study โ€“โ€“ accounted for more than 90% of the total flows.
โ€œIt is clear Indians are travelling abroad more and also high net worth in- dividuals are encouraging their offspring to study abroad and sponsor their education,โ€ said Moin Ladha, a partner at law firm Khaitan & Co.

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