Outward remittances down to $2.3 billion in May

Outward remittances, or funds flowing out of India, under the liberalised remittance scheme ( LRS) stood at $2.3 billion, with travel accounting for half of it at $1.38 billion in May, increasing by $118 million from the previous month, bulletin data showed. However, outward remittances slowed 4.4% since last year in May. Additionally, Indians also spent $149 million for education and $322 million on close relatives in May.