Indians spend 60% more on overseas education, travel ahead of new academic session: RBI data
As per the central bank's latest figures in its monthly bulletin, outlays on overseas travel under LRS surged 56% to $568 million in May year-on-year, whereas expenses on education and maintenance of close relatives grew 88% to $334 million and 21% to $300 million respectively.
- Jul 16, 2019,
- Updated Jul 16, 2019 1:17 PM IST
Overseas travel spends by Indians rose more than 60% year on year in May right before the next academic season, Reserve Bank of India (RBI) data showed. This manifests their increased spending on overseas travel and education.
As per the central bank's latest figures in its monthly bulletin, outlays on overseas travel under the Liberalised Remittances Scheme (LRS) surged 56% to $568 million in May year-on-year, whereas expenses on education and maintenance of close relatives grew 88% to $334 million and 21% to $300 million, respectively.
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Overseas travel spends by Indians rose more than 60% year on year in May right before the next academic season, Reserve Bank of India (RBI) data showed. This manifests their increased spending on overseas travel and education.
As per the central bank's latest figures in its monthly bulletin, outlays on overseas travel under the Liberalised Remittances Scheme (LRS) surged 56% to $568 million in May year-on-year, whereas expenses on education and maintenance of close relatives grew 88% to $334 million and 21% to $300 million, respectively.
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