Indian spending on overseas travel declines in March, according to Reserve Bank of India (RBI) data. Multiple reports cite a fall in outward remittances for travel—covering holiday trips and related categories—by more than USD 212 million compared with February. One outlet reports travel remittances drop to about USD 1.09 billion in March, while another places March overseas travel spending at USD 1.9 billion; both describe the same month-on-month decline in the RBI’s LRS-based figures.
The decline is attributed in the reports to rising international oil prices and a weakening of the rupee, conditions that reduce demand for foreign travel and make remittances more expensive. Despite the drop, travel remains the largest component of outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals.
The RBI data also reflect the wider LRS framework, under which resident individuals—including minors—can remit up to USD 250,000 per financial year (April–March) for permissible current or capital account transactions. The reports note that policy messaging in the context of higher oil prices includes calls for reducing foreign travel, including suggestions such as carpooling.
