Outward remittances fall to two-year low in Nov

MUMBAI: Outward remittances by resident Indians under the Liberalised Remittance Scheme fell in Nov 2025 to a two-year low partly because of a dip in education-related travel and also because of seasonality.

Total outflows slipped to $1,937.2 million from $2,364.5 million in Oct, an ~18% sequential drop, and edged below $1,946.4 million in Nov 2024. The previous low was $1,878 million in Nov 2023. Travel, the main driver, eased to $1,101.5 million from $1,352.6 million in Oct and $1,113.8 million a year earlier. Maintenance of close relatives also softened to $248.3 million from $273.9 million in Oct and $276.9 million last Nov.

Equity/debt investments fell sharply to $174 million from $273.1 million in Oct, though they remained well above $85.8 million a year ago. Gifts inched down to $194.3 million from $197.5 million and stayed below $216.5 million last year. Nov 2025 also saw outstanding NRI deposits dip by $250 million to $167.9 billion. Education-related remittances weakened, with studies abroad dropping to $121 million from $163.3 million in Oct and $172.4 million a year earlier.