Consider the following statements with respect to the data provided by the RBI regarding the outward remittances under Liberalised Remittance Scheme -

I.According to data released by the RBI, outward remittances under the scheme increased by 26.09 per cent to $9.23 billion in the second quarter (Q2) of 2023-24 (FY24) from $7.32 billion in Q2 of 2022-23 (FY23).

II.According to the monthly data, international travel, which accounted for nearly 57 per cent of the entire outward remittance by Indians under the scheme, rose  to $7.22 billion.

III.At the same time, investments in the equity and debt market saw an increase to $410.59 million from $189.78 million.

Which of the following statements is/are not true? 

Solution

 According to data released by the RBI, outward remittances under the scheme increased by 26.09 per cent to $9.23 billion in the second quarter (Q2) of 2023-24 (FY24) from $7.32 billion in Q2 of 2022-23 (FY23). According to the monthly data, international travel, which accounted for nearly 57 per cent of the entire outward remittance by Indians under the scheme, rose by 34.38 per cent year-on-year (Y-o-Y) to $5.22 billion.   The remittances for the purchase of immovable property expanded by nearly 56.53 per cent to $60.31 million in the period under review from $38.53 million in the year-ago period. At the same time, investments in the equity and debt market saw a 90 per cent Y-o-Y increase to $360.59 million from $189.78 million.  The outward remittance by Indians under the maintenance of close relatives rose by 23.30 per cent to $1.22 billion from $989.89 million, whereas for gifts, it increased to $886.55 million from $681.37 million. On the other hand, remittances for other activities dropped by 24.72 per cent Y-o-Y to $88.09 million from $117.01 million in the April-September quarters of 2021-22. Similarly, the amount for medical treatment slipped down to $13.48 million. Remittances for studies abroad slid to $1.15 billion.