Indian spend rises 30-fold

According to the new data released recently by Reserve Bank of India (RBI) wealthy Indians are pouring money into properties abroad. The figures show that spending on overseas property, stocks and gifts by Indians in the past five years has increased 30-fold.

Outward remittance (investments or spending on assets and items abroad) under the Liberalized Remittance Scheme (LRS) of RBI has gone over 1 USD billion mark for the first time in 2011.

According to the bank analytics, high net worth individuals look for investment options overseas firstly to de-risk their investment portfolio  and secondly to widen it.