New Delhi, Mar 26: The amount of money sent out of the nation by individuals surged in this fiscal, with January witnessing a record outflow. A total of $1.2 billion was sent in form of outbound remittances -- the highest amount ever flown out within a month's period.

Analysts claim the spike in January was not unusual, as remittances abroad has been surging ever since the onset of FY17-18.

In the first ten months of this financial year, a record $8 billion was sent out from the nation. 90 per cent of the total outflows were accounted by the four categories of gifts, maintenance of relatives abroad, travel and study.

In comparison, $4.6 billion was flown out in the first ten months FY16-17.

Outbound remittances per individual was relaxed upto $50,000 in 2003, when India's foreign exchange reserves crossed $100 billion.

As the reserves continued to get consolidated, the RBI introduced progressive amendments, relaxing the limit of remittances to $2,50,000.

According to experts, the increasing amount of currency outflow should not be considered as a sign of alarm. With over $400 billion locked up in foreign exchange reserves, India can afford even more than $8 billion outbound remittances per fiscal.

(The above story first appeared on LatestLY on Mar 26, 2018 05:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).