Travel leads foreign spends to 10 month high in July

Mumbai: Outward remittances by Indians rose to their highest level in 10 months to nearly $2.8 billion in..

, the share of which also jumped to 60% from 51% a year ago...

While the largest surge in absolute terms was observed in travel - which grew by 17.1% - investment in equity/debt and remittances for medical treatment witnessed considerable growth too, with increases of 108.2% and 104.3% respectively..

The current calendar year had seen a modest dip in overseas spending after govt introduced tax collection at source on forex remittances from Oct 2023..

Similarly, monthly spends on travel since Oct have been below last year's average of $1.4 billion too.. money overseas under the liberalised remittance scheme has gone up from just over $1 billion annually in FY14 to over $31.7 billion in FY24..