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Overseas travel spends by Indians increased by 60% ahead of new academic season: RBI data

Nabanita Dutta

Content Editor

Right before the new academic session, the overseas travel spends by Indians have increased by 60% per year, according to RBI data. According to LRS scheme, resident Indians are permitted to spend up to $250,000 a year abroad for a particular allowable current and capital account. The survey shows, there has been an increase in spending on University tours as foreign education has become a major source for dollar outflow.