Indians sharply cut back on foreign travel spending in March, with remittances for foreign trips falling by more than $212 million from the previous month, according to Reserve Bank of India data. Outbound travel expenditure declined amid rising oil prices linked to the Middle East conflict and persistent pressure on the rupee, while travel remained the largest component of outbound remittances under the Liberalized Remittance Scheme (LRS).In March, travel-related remittances fell to $1.09 billion from $1.3 billion in February and $1.65 billion in January. The decline came at a time when oil prices soared due to the Middle East conflict and the rupee weakened to a record low. Amid the situation, Prime Minister Narendra Modi urged citizens to cut down on foreign travel and adopt measures like carpooling. Lower foreign travel spending could reduce foreign exchange outflow and help ease pressure on the rupee.According to RBI data on outward remittances by resident individuals, travel accounted for the largest share of money sent abroad under the LRS in March. Total remittances during the month stood at $2.59 billion.RBI tracks foreign expenditure in various categories including travel, study abroad, maintenance of close relatives, foreign investment and property purchase. Under the LRS framework, resident individuals, including minors, can remit up to $250,000 in a financial year for permitted current or capital account transactions.Within the travel segment, the largest component remained the ‘other travel’ category, covering holiday expenses and international credit card settlements. Indians spent $623.05 million under this category in March, which is about 57 percent of the total travel-related remittances during the month.Expenditures associated with education travel, including hostel and fee payments, amounted to $450.16 million. The total expenditure on business travel, pilgrimage and foreign medical treatment was $21.39 million.The data also revealed that there has been an increase in the amount of money sent abroad for the maintenance of close relatives. Such transfers increased from $266.18 million in February to $389.78 million in March.Also, expenditure under the ‘study abroad’ category declined. This category includes payments made for educational services obtained remotely without traveling abroad, such as correspondence courses. Remittances under this item in March were $151.71 million, compared to $175.68 million in February and $267.42 million in January.For fiscal year 2024-25, Indians paid a total of $29.56 billion under the LRS. Travel made up the largest share of this amount at $16.96 billion.Investment in foreign equity and debt instruments by Indians rose to $440.22 million in March from $265.99 million in February, RBI data showed.Meanwhile, outward remittances for purchase of real estate abroad declined to $38.68 million in March from $51.36 million a month earlier.