RBI Shocking Report: The Reserve Bank of India (RBI) has recently made a very shocking revelation according to the report of Liberalized Remittance Scheme (LRS). According to statistics, Indian citizens are spending billions of rupees in foreign countries every year. So, in the month of March this year, Indians have completely surprised everyone by spending a total of 1.09 billion dollars (about Rs 10 thousand 404 crore) on foreign travel. But, this expenditure has been recorded slightly less this time as compared to previous months.

Contributed to international travels

In fact, in the month of March, the total money sent abroad by Indians under the LRS scheme was 2.59 billion dollars, in which the biggest contribution till now has been seen from international travels only. Under this scheme, any resident Indian can easily send an amount of up to 2.50 lakh dollars abroad in a financial year without any hassle.

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Expenses other than travel

Apart from travel, other things like holidaying and international credit card expenses have been included this time. So far, 62.30 crore dollars have been spent by Indians in the month of March. Where, this amount is approximately 57 percent of the total travel expenses.

How much is spent on education, business and treatment?

Additionally, Indians spent $450.1 million on education-related travel, such as tuition fees and hostel expenses. Where, a total of $21.3 million has been spent on business trips, pilgrimage and medical treatment.

Assistance to relatives and purchase of property

However, $389.7 million was sent to relatives living abroad in March, up from $266.1 million in February. Additionally, spending on studying abroad dropped to $151.7 million and spending on buying real estate abroad dropped to $38.6 million.

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