Key Points
Outward remittances. of foreign exchange by. for various purposes including childrens education and foreign travel dipped to nearly $1.9 billion in Nov last year the lowest since..
Forex remittances had averaged over $3 billion a month between April-Sept 2023 before the increased tax collection at source (TCS) came into effect in October..
The introduction of the TCS saw remittances drop sharply from nearly $3.5 billion in Sept to about $2.2 billion in a months time...
Figures released by RBI in its monthly bulletin show that the decline continued during Nov, with the total amount remitted abroad dropping by $298 million with a month to nearly $1.9 billion..
The remittance for studies dropped by $61 million to $208 million in Nov compared to $269 million in Oct. The average remittance for studies before the TCS was $306 million...
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