Forex spends surge in December after 9-month low – Times of India

MUMBAI: Holiday season travel rush saw overseas remittances jump to $2.4 billion in Dec 2023 from a nine-month low of $1.9 billion in Nov. Remittances in Dec were 16% higher than the $2 billion in the year-ago period despite widening the scope of tax collection at source (TCS) in the previous year’s Budget. The highest remittance ever was recorded in June 2023, which saw a total outgo of $3,890 million after govt announced that TCS would come into force from July 1, 2023.June also saw the highest remittance of $890 million for overseas education. The highest spending on overseas was in Aug 2023, when Indians spent over $2 billion on overseas jaunts. The highest contribution to the increase in remittances…