Indians doubled their average monthly remittances allocated to deposits in foreign banks and investments in debt and equity instruments overseas in September 2023. This trend coincided with the October 1 deadline for implementing government’s directive to collect higher tax at the source from individuals remitting funds overseas. According to data released by RBI, the total money sent abroad in September 2023 was $3.5 billion — a 30% increase compared to $2.7 billion in the year-ago period.
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