Outward remittances down to $2.3 billion in May: RBI Bulletin

Outward remittances from India reached $2.3 billion in May, according to recent bulletin data. Travel expenses constituted the largest portion, accounting for $1.38 billion, a rise of $118 million from April. However, these outward remittances experienced a 4.4% decrease compared to May of the previous year. Additionally, Indians spent $149 million on education and $322 million supporting close relatives.