Remittances

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

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The members will decide on the final priorities, but Sarkar said, the major ongoing priorities were digital financial inclusion and making finances more accessible to SMEs

G20 leaders have attached a lot of importance to the high remittance cost for workers outside India, and efforts are underway to bring the rate down to an average of 3 per cent by 2027, a top official said on Sunday. At present, the remittance cost, on an average, stands at around 6 per cent of each transaction, he said. "Workers and labourers employed outside India have to bear a high remittance cost, and G20 leaders have attached a lot of significance to reduction of this rate. "The aim is to bring it down to an average of 3 per cent by 2027," said Chanchal Sarkar, Economic Advisor, Ministry of Finance, Department of Economic Affairs. Sarkar was speaking at a briefing ahead of the first Global Partnership for Financial Inclusion meeting of the G20, scheduled to be held in Kolkata from January 9-11. He said remittance cost will be one of the key topics of discussion at the three-day event, along with digital financial inclusion principles and finance availability for SMEs. Indi

Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year

State Bank of Pakistan says remittances sent by overseas Pakistani workers decreased 4.8% in November on a month-on-month basis

Remittance inflow pattern in India has undergone a structural shift from gulf countries to high-income countries in the past few years

Remittance flows to India will rise 12 per cent to reach $100 billion this year, according to a World Bank report published on Wednesday

Remittances are a vital source of household income for people in low- and middle-income countries, helping to alleviate poverty and building resilience

During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago

The introduction of CBDC for cross-border remittances can bring down costs substantially

North America had a high share of remittances before the global financial crisis

TMS Ep218: Remittance to India, over-tourism, markets, mobile security

What's the significance of the US remittances to India? Why over-tourism may spell trouble for tourist spots? Why are Infosys and Wipro staring at modest Q1 revenues? What's Apple's Lockdown Mode?

According to an RBI survey, Indians in advanced nations, like the US & UK, emerged important sources of money

Travel, relative care top the chart, with the former coming back to pre-Covid levels

Reserve Bank of India (RBI) data showed in FY21, Indians spent about $3.23 billion for travel, sharply down from $6.95 billion in FY20.

Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade

India, the world's largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20% of these funds

India received $87 billion in remittances in 2021, and the United State was the biggest source

Reserve Bank on Friday hiked the ceiling on remittances per transaction from India to Nepal to Rs 2 lakh from Rs 50,000