Forex spends surge in December after 9-month low

Overseas remittances jumped to $2.4 billion in Dec 2023 from a nine-month low of $1.9 billion in Nov. The highest remittance ever was recorded in June 2023, which saw a total outgo of $3,890 million after the government announced that tax collection at source (TCS) would come into force from July 1, 2023.

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