Reserve Bank of India issued on August 19, 2024 (RBI) As per the data, NRIs contributed nearly 50% of the total non-resident India (NRI) deposit fixation in the first quarter (Q1) (April to June) of the financial year 2024-25 (FY25). 4 US Dollar (US$ 3.95) have been deposited during the same period of FY24 2.21 US Dollar Compared to 79% is the updated growth of.
However, this increase in NRI deposits is due to RBI’s liberalised remittance scheme (LRS) In contrast to the 24.39% decline under outward remittances, which fell from US$ 9.1 billion in Q1 of FY24 to US$ 9.4 billion in Q1 of FY25 6.9 US Dollar Done.
NRI Increase in the various definitions of jam:
As per RBI data, foreign exchange non-residents (FCNR) Deposits jump from USD 1.12 (in Q1 of FY24) 1.68 US Dollar (in Q1 of FY25), taking the total investor exposure to US$ 27.41 billion.
Note: FCNR (B) Account Online 1 From 5 Year is able to maintain security deposits (FDs) in freely convertible foreign currencies in India for a period of
Non-resident external (NRE) Deposit from US$ 489 million (in Q1 of FY24) 1.53 US Dollar Assessing the significant growth so far (as in Q1 FY25), total portfolio NRE deposits are now close to US$ 100 million.
RBI data shows that Non-Resident Ordinary (NRO) deposited US$598 million (in Q1 of FY24) 743 million US dollars (in Q1 of FY25), while total reader NRO deposits 28.24 US Dollar Is.
The total amount in these deposits was around USD 1.68 in Q1 of FY25, while it was USD 1.12 in Q1 of FY24.
Reduction in Outward Remittances:
According to RBI data, total remittances fell nearly 44% on a year-on-year (YoY) basis to USD 2.18 per capita amid a decline in most places.
International travel, the largest segment of outward remittances, recorded a growth of 6% to US$3.8 per capita (in Q1 of FY25) from US$4.07 per capita (in Q1 of FY24).
Similarly, payments for the maintenance of relatives rose 46% year-on-year to US$983.2 million per capita.
Fourth,Gift‘ Remittances under the grade grew by nearly 41% on a year-on-year basis 811.9 million US dollars It remained.
Further, investments in equities rose by US$ 503.73 million (in Q1 of FY24). 318.02 million US dollars (in Q1 of FY25).
While, remittances for deposits stood at US$164.7 million, up 61% year-on-year.
Expenditure by Indians on foreign education stood at around US$ 694.41 million in the same period last year 14% Investment stood at US$596.08 million.
However, remittances for medical treatment saw a 43.5% year-on-year increase to US$24.46 million, and donations jumped 3.6% to US$4.29 million.
Reason:
The decline in outward remittances is partly due to recent changes in tax collection and changes in spending behavior among Indians.
Also, the introduction of source tax collection (TCS) on remittances under the LRS scheme by the Government of India (GoI), which came into effect in July, 2023, has impacted the volume of volatility.
Lok Raj Sangathan About the Scheme:
It was introduced in 2024, which allows all resident Indians (including minors) to freely deposit in any foreign currency in either a basic account or a current account or a combination of both, without any prior written request from the RBI. 250,000 US Dollar Or equivalent amount is exempted from foreign funding of Indian enterprises.
