Travel dominates forex spending abroad: RBI data

Outward remittances from India under the liberalised remittance scheme fell by 2% year on year. Travel was the largest chunk of foreign currency outflows in April, with maintenance of close relatives being the second largest reason for remittances...

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Outward remittances from India under the liberalised remittance scheme (LRS) fell slightly by just 2% year on year, data from the Reserve Bank of India (RBI) shows. Travel continued to be the largest chunk of foreign currency outflows at $1.14 billion exactly half of the $2.29 billion of total outflows in April, data from the central bank’s monthly bulletin showed.

In April, the first month of the new fiscal, the total forex outflow under the LRS remained similar to the March number of $2.30 billion. Maintenance of close relatives remained the second largest reason for remittances but was down 13% to $392 million in April 2024 from $449 million April 2023.

Indians had spent a record $31.7 billion overseas under the LRS in the fiscal ended March 2024 nearly a 17% increase over the $27.1 billion recorded in the year earlier, despite an increase in the newly created tax collected at source (TCS) from 5% to 20% on foreign expenditures exceeding Rs 7 lakh from October 2023.


Under the LRS, all resident individuals, including minors, are allowed to freely remit up to $2.5 lakh per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

​How much foreign currency can you carry abroad? A country-wise break up​
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When you travel abroad, there might be limits on how much cash you can carry. This is to control money movement, fight crime, and protect financial systems. The exact amount varies by country, but you'll usually have to declare larger sums upon arrival.


Luckily, you can still use credit cards, debit cards, or electronic transfers for most things, offering both convenience and following the rules.

When you travel abroad, there might be limits on how much cash you can carry. This is to control money movement, fight crime, and protect financial systems. The exact amount varies by country, but yo..
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Dubai has a limit on how much cash you can bring in without declaring it: 100,000 Dirham. This helps them fight crime. If you're carrying more, just let customs know when you arrive. No worries though, credit cards, debit cards, and transfers are all widely accepted in Dubai for your spending.

Dubai has a limit on how much cash you can bring in without declaring it: 100,000 Dirham. This helps them fight crime. If you're carrying more, just let customs know when you arrive. No worries thoug..
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The U.S. has a different cash limit than Europe. If you're traveling from India, you can bring up to $3,000 in cash without declaring it. However, for larger sums, you'll need to use traveler's checks, forex cards, or bank transfers. This helps them fight financial crimes and track money movement. No worries though, credit cards, debit cards, and transfers are widely accepted throughout the US.

The U.S. has a different cash limit than Europe. If you're traveling from India, you can bring up to $3,000 in cash without declaring it. However, for larger sums, you'll need to use traveler's che..
Read More

Canada has a different rule than the US or Europe. When entering Canada, you need to declare any amount of cash (Canadian dollars or foreign currency) that adds up to $10,000 CAD or more to a border services officer. This helps them track large amounts of money and fight crime. No need to declare anything under $10,000 CAD. Remember, credit cards, debit cards and transfers are all widely used in Canada too!

Canada has a different rule than the US or Europe. When entering Canada, you need to declare any amount of cash (Canadian dollars or foreign currency) that adds up to $10,000 CAD or more to a border..
Read More

Singapore has a limit on the total amount of cash (and even traveler's checks) you can bring in, set at SGD $20,000. This helps them keep their financial system strong and fight crime. No need to worry about exceeding the limit though, credit cards, debit cards, and transfers are all widely accepted in Singapore for your spending needs.

Singapore has a limit on the total amount of cash (and even traveler's checks) you can bring in, set at SGD $20,000. This helps them keep their financial system strong and fight crime. No need to wo..
Read More

If you're visiting France and bringing cash, you'll need to declare any amount over €10,000. This helps them track money movement and fight crime. For sums under €10,000, you're good to go without any declaration hassle. Remember, you can always use credit cards, debit cards, or transfers for most things while you're there.

If you're visiting France and bringing cash, you'll need to declare any amount over €10,000. This helps them track money movement and fight crime. For sums under €10,000, you're good to go without an..
Read More

Just like France, you can bring up to €10,000 to Spain without declaring it. This makes things easier for tourists and business travelers. They do however keep an eye on larger amounts to avoid any financial wrongdoing. No worries though, credit cards, debit cards, and transfers are widely accepted in Spain for your spending needs.

Just like France, you can bring up to €10,000 to Spain without declaring it. This makes things easier for tourists and business travelers. They do however keep an eye on larger amounts to avoid any f..
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Indian rupees are convenient to use in Bhutan, but there's a catch. To avoid problems and keep money exchange smooth, they don't allow bills of ₹500 or higher denominations. No worries though, you can exchange larger bills for smaller ones upon arrival or use credit cards, debit cards, and transfers in some tourist areas.

Indian rupees are convenient to use in Bhutan, but there's a catch. To avoid problems and keep money exchange smooth, they don't allow bills of ₹500 or higher denominations. No worries though, you c..
Read More

Italy has a €10,000 limit on undeclared cash coming into the country. This helps them follow financial rules and catch suspicious activity. If you're carrying more than €10,000, just let customs know when you arrive. No need to sweat the small stuff - credit cards, debit cards, and transfers are all accepted in Italy for your spending adventures.

Italy has a €10,000 limit on undeclared cash coming into the country. This helps them follow financial rules and catch suspicious activity. If you're carrying more than €10,000, just let customs know..
Read More

Traveling to Australia with cash? You can bring in up to AUD $10,000 without declaring it. This helps them fight money laundering and other financial crimes. If you're carrying more than AUD $10,000, just declare it upon arrival. Remember, credit cards, debit cards, and transfers are all widely accepted in Australia for your spending needs.

Traveling to Australia with cash? You can bring in up to AUD $10,000 without declaring it. This helps them fight money laundering and other financial crimes. If you're carrying more than AUD $10,000,..
Read More

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