Outward Remittances Drop to Two-Year Low in November
Liberalised Remittance Scheme outflows dip 18% sequentially on weaker education and travel spending
MUMBAI, Jan 22 : Outward remittances by resident Indians under the Liberalised Remittance Scheme (LRS) declined in November 2025 to a two year low, driven by lower education related travel and seasonal factors.
Total outflows fell to $1,937.2 million, down from $2,364.5 million in October, marking an approximate 18% sequential drop, and edging below the $1,946.4 million recorded in November 2024. The previous low was $1,878 million in November 2023.
Travel, the largest component, eased to $1,101.5 million from $1,352.6 million in October and $1,113.8 million a year earlier. Remittances for maintenance of close relatives also softened to $248.3 million, compared with $273.9 million in October and $276.9 million in November 2024.
Equity and debt investments declined sharply to $174 million from $273.1 million in October, though still higher than $85.8 million a year ago. Gifts fell slightly to $194.3 million from $197.5 million in October, remaining below last year’s $216.5 million.
Education related remittances weakened, with funds for studies abroad dropping to $121 million from $163.3 million in October and $172.4 million a year earlier. Meanwhile, NRI deposits saw a marginal dip of $250 million, bringing outstanding balances to $167.9 billion.
The decline reflects typical seasonal patterns in addition to the moderation in travel and education outflows, analysts said, while longer term investment remittances remain resilient.
