Indians sent record amount of money abroad in January

Mumbai: Indians sent record remittances overseas in January, more than doubling from a year earlier, as more people funded children’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 –– gifts, maintenance of relatives abroad, travel and study –– accounted for more than 90% of the total flows.
“It 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,” said Moin Ladha, a partner at law firm Khaitan & Co.

- Advertisement -