Mumbai, May 24 (PTI) Overseas travel spending by Indians, including holiday trips, declined by USD 212.43 million to USD 1.09 billion in March compared to February, according to the Reserve Bank data.
The outward remittances for travel were at USD 1.3 billion in February and USD 1.65 billion in January this year.
The RBI data on 'Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals' shows overseas spending by Indians under different categories, including travel, maintenance of close relatives, studies abroad, investments in equity and debt.
Under the LRS, resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April-March) for any permissible current or capital account transaction or a combination of both.
Against the backdrop of the West Asia conflict pushing oil prices higher and pulling down the rupee to record lows, Prime Minister Narendra Modi has urged people to reduce foreign travel and opt for carpooling, among other measures.
With lesser overseas travel, foreign exchange outgo will reduce, and that can help in curbing rupee depreciation.
The RBI data showed that total outward remittances stood at USD 2.59 billion in March 2026, of which travel accounted for the largest share at USD 1.09 billion.
The travel category under the LRS has been classified into business travel, pilgrimage, medical treatment, travel for education, and 'other travel'.
The data showed that Indians spent USD 623.05 million under the 'other travel' category, which includes holiday trips and international credit card settlements, during March. It accounted for nearly 57 per cent of the total travel outgo of USD 1.09 billion.
Spending on education-related travel (including fees, hostel expenses) totalled USD 450.16 million in March, while expenditure on overseas business travel, pilgrimage and medical treatment totalled USD 21.39 million.
The RBI data also showed that outbound remittances under the LRS towards maintenance of close relatives stood at USD 389.78 million in March, higher than USD 266.18 million in February.
Further, the overseas spending under the head 'studies abroad', which includes transaction when an individual avails education services remotely without travelling abroad, such as fees for correspondence courses abroad, stood at USD 151.71 million in March, lower than USD 175.68 million in February and USD 267.42 million in January.
Total outward remittances under the LRS during 2024-25 stood at USD 29.56 billion, of which travel accounted for the largest share at USD 16.96 billion.
The data also showed that Indians invested USD 440.22 million in equity and debt instruments in March, significantly higher than USD 265.99 million in February.
Spending on the purchase of immovable property overseas stood at USD 38.68 million, down from USD 51.36 million in February.
(PTI)
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.