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Overseas Remittances almost Double year on year to $2 billion in April

Published on June 19, 2022
Current Context: According to recent data outward remittances by resident Indians crossed the $2 billion mark to $2.02 billion in April 2022, almost doubling from the level of $1.18 billion.
Overseas Remittances almost Double year on year to $2 billion in April
  • RBI stated that the spending on international travel tripled in April 2022 as Covid-related curbs eased in various countries in FY22.
  • According to estimates, the spending on travel was $6.91 billion in FY22, more than twice that spent in FY21.
  • It has also observed that there three heads of spending this April traveled, at $880 million, maintenance of relatives $385 million,  and Gifts worth $299 million.
  • The remittances increased by 54.6% to $19.61 billion in FY22 from $12.68 billion a year ago.
  • Remittances are usually understood as financial or in-kind transfers made by migrants to friends and relatives back in their communities of origin.

Question:

Q.1 As per outward remittances by resident Indians crossed the __________ in April 2022?
a. $3 billion
b. $2 billion
c. $1 billion
d. $5 billion
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