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

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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