Indians Rush to Send Money Abroad Ahead of Tax Hikes
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Indians doubled monthly remittances abroad for deposits and investments in September 2023 ahead of higher taxes.
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Total remittances in September were $3.5 billion, up 30% versus last year.
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Remittances were up 15% over the $3 billion monthly average until August.
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Money sent for foreign deposits nearly doubled to $118 million in September.
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Equity and debt investments sent overseas jumped 121% to $208 million in September.