Outward remittances rose to $2.88 bn this May v/s $2.33 bn in April due to uptick in travel: RBI

Outward remittances under the Reserve Bank of India’s liberalised remittance scheme (LRS) rose in May 2023 to $2.88 billion as compared to $2.33 billion in April, mainly due to an uptick in travel spend. People in India spent close to $1.5 billion on international travel in May, against $1.10 billion in April.