Foreign spends slide 44% to USD 2.2 billion in June as TCS bites

In June 2024, Indians’ total spending on external remittances dropped 44% year-on-year to $2.2 billion, with consistent declines noted across categories like travel and studies abroad. The tax collection at source on external remittances appears to be impacting Indians’ spending patterns abroad. Travel-related remittances saw a decline from $1.5 billion to $1.3 billion compared to June 2023.