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What Happened In First 3 Months After Note Ban?
By: Tupaki Desk | 24 Oct 2017 7:28 AM GMT
After Prime Minister Narendra Modi announced demonetisation, The foreign travel expenses of Indians has gone up to $246.6 million (Rs 1652 crore), which is a sharp increase of 581 percent when compared to the same month in 2015.
Similar growth can been seen in the next two months (December-January) as well. Overseas travel payments of Indians touched $201 million (Rs 1347 crore) in December 2016, that's an increase of 517 percent.
In January 2017, Indians splurged $217.8 million (Rs 1459 crore) for foreign trips. Whereas, The travel-related expenses were just $40.8 million in January 2016.
Reserve Bank of India is yet to reveal how was the trend from 'February-September 2017'. Surely, Comparisons gonna be drawn between the first three months since note band and rest of the months.
RBI's Liberalised Remittance Scheme (LRS) allows people to spend $250,000 per year in overseas through travelers cheques. Authorities have been checking whether if this scheme has been misused after note ban was announced.
Similar growth can been seen in the next two months (December-January) as well. Overseas travel payments of Indians touched $201 million (Rs 1347 crore) in December 2016, that's an increase of 517 percent.
In January 2017, Indians splurged $217.8 million (Rs 1459 crore) for foreign trips. Whereas, The travel-related expenses were just $40.8 million in January 2016.
Reserve Bank of India is yet to reveal how was the trend from 'February-September 2017'. Surely, Comparisons gonna be drawn between the first three months since note band and rest of the months.
RBI's Liberalised Remittance Scheme (LRS) allows people to spend $250,000 per year in overseas through travelers cheques. Authorities have been checking whether if this scheme has been misused after note ban was announced.
