What Happened In First 3 Months After Note Ban?

Update: 2017-10-24 07:28 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.
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