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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Indians on foreign travel: The Reserve Bank of India has revealed shocking figures regarding foreign travel. RBI has said that the expenditure by Indians on foreign travel has reduced to 1.09 billion dollars in the month of March. According to the information, foreign expenditure was 1.65 billion dollars in January and 1.30 billion dollars in February.

It is very important to understand all these figures correctly under the Liberalized Remittance Scheme (LRS) of RBI. Talking about the month of March, the total amount sent abroad by Indian travelers was 2.59 billion dollars, in which the largest share was seen in the expenditure on travel.

According to the rules, under LRS, any resident Indian can send an amount of up to $ 2.5 lakh in a year abroad only for transaction purposes.

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Now let’s take a look at other expenses

The mathematics of other expenses incurred by Indians also remains to be understood, where international credit card expenses along with roaming in other travel category are included. Additionally, $623 million was spent in the month of March, which is approximately 57 percent of the total travel.

1. Education and studies

First of all, 45.01 crore dollars have been spent on education related travel. At the same time, in the ‘Study Abroad’ category, the expenditure in March came down to $151.7 million, which was $267.4 million in January.

2. Financial help to family members

Not only this, the amount sent to family members living abroad had increased to $38.97 million in March, which was $266.1 million in February. Apart from this, in other expenses, $21.3 million was spent on business travel, pilgrimage and medical treatment, while the expenditure on purchase of real estate abroad has now come down to $38.6 million.

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What appeal did PM Modi make a few days ago?

Some time ago, Prime Minister Narendra Modi had made a very special appeal to the rich and middle class people of the country to save the huge expenditure on foreign trips. In which he asked to give maximum emphasis on ‘Wed in India’ and ‘Dekho Apna Desh’. Giving information on this, PM Modi said that instead of celebrating big events of their life like weddings and holidays in foreign countries, Indians should consider planning at the beautiful tourist places of India only.

Apart from this, PM Modi had further said that when the country’s money will be spent within the country, it will not only boost local tourism but by doing so, along with new employment opportunities, India’s economy will also see rapid improvement.