Outward remittances rose throughout Jan 2024 to USD 2.6 billion from USD 2.4 billion in Dec, owing to a surge in spending on international training. Regardless of govt introducing TCS from Oct 2023, foreign exchange spending is growing to earlier ranges. As an example, the Jan foreign exchange spending by Indians was 3.5 per cent decrease than the USD 2.7 billion in Jan 2023, earlier than the TCS imposition.
At USD 27.4 billion, foreign exchange spends prime FY23 stage in January regardless of TCS
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