At $27.4 billion, forex spends top FY23 level in Jan despite TCS

Tuesday, 19 March 2024
Foreign exchange remittances in the first 10 months of FY24 have surpassed the FY23 levels, reaching $27.4 billion despite the introduction of tax collection at source (TCS) in the Budget. The average monthly remittances for FY24 have touched $2.7 billion, indicating that the total foreign exchange sent abroad under the liberalised remittance scheme (LRS) is on track to exceed $30 billion this financial year, setting a new milestone.

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At $27.4 billion, forex spends top FY23 level in Jan despite TCS

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