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Outward Remittances Increase Eightfold Since Mid-2015
November 30, 2017
The outward forex exchange transfers from India have increased nearly eight times since June 2015, the point in time when the central bank increased the limit 10 times.
The Reserve Bank of India has actually been increasing the outward remittances at a steady pace under the liberalized remittances scheme (LRS). In 2015, it increased the cap by 10 times to $250,000 per year. As a result, the outgo through LRS increased to USD 1.09 billion in September 2017 from mere USD 140 million in June 2015.
