Ahead of the deadline for the TCS (tax collected at source) which was supposed to come into effect from July this year, remittances by resident Indians to other countries jumped 35 per cent on a month-on-month basis in June 2023 and 96 per cent when compared to June 2022.
According to Reserve Bank of India (RBI) data, fund outflow under the RBI’s Liberalised Remittances Scheme (LRS) shot up to $3.89 billion (Rs 32,000 crore) in June as against $ 2.88 billion (Rs 23,900 crore) in May this year. LRS outflows in June 2022 were just $ 1.98 billion (Rs 16,430 crore).
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