“Seasonal factors, such as summer holidays and festival seasons, contributed to a surge in travel-related remittances from April onward,” Abhilasha Jaju, Director, BFSI vertical, 1Lattice, a tech-enabled decision support organisation, told The Secretariat.

“However, the 20 per cent TCS change could heavily influence remittance trends, especially for travel, gifting, and other discretionary spending,” Jaju said.

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