Page 2 - Remittances

US won't ease ban on remittances to Cuba amid unrest over economy: Biden

US President Joe Biden said his administration will not ease restrictions on remittances sent from US residents to relatives in Cuba because Cuban government will likely confiscate the money

Globalisation, old and new: What changing world order means for India

Globalisation is morphing as new agendas come into focus. These now drive action on climate change, taxation of global companies, tackling terrorism, sharing vaccines and the like, writes T N Ninan

Kerala hit hard by drop in remittances as 1.2 mn workers return: World Bank

Kerala has been hit hard by the drop in remittances from the Gulf countries from where about 1.2 million workers returned to the state due to the Covid-driven layoffs, according to the World Bank

India received $83 billion in remittances in 2020: World Bank report

India received over $83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report

Covid-19: Remittances to India to drop by 9% in 2020, says World Bank

India followed by China, Mexico, the Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances, the World Bank said in its latest report

Remittances growth turning muted; reasons structural, not transient: Report

Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over USD 70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10. Foreign currency non-resident (FCNR) segment has witnessed a year-on-year fall in deposits, whereas overall NRI (non-resident Indians) accounts have reported an increase, it said, adding that South-based Federal Bank and South Indian Bank have reported subdued growth in NRI deposits. Key risk for banks will emerge only if the fall i

India posts current account surplus of $19.8 bn as trade deficit narrows

Surplus in April-June 2020 (Q1Fy21) comes on top of a surplus of $0.6 billion (0.1 per cent of GDP) in the preceding quarter (Q4 Fy20), says RBI.

Decoded: 5%  tax on foreign fund transfers that may go up to 10% for some

For education-related foreign remittances funded by loans, though, the tax will be just 0.5% for amount above Rs 7 lakh, but will go up to 5% if PAN is not provided

UP is the new Kerala in terms of remittances from Indians in the Gulf

The northern state houses 21 of the top-50 districts from where most low-skilled Indians go overseas for employment, followed by Bihar with seven; Kerala has only one

Pakistan looks to citizens overseas to pump up its forex reserves

The plan involves allowing non-resident Pakistanis to open digital accounts starting next week to allow the diaspora to invest in one of Asia's best-performing stock markets

ADB sees coronavirus slashing 2020 global remittances by over $100 bn

Remittances to Asia and the Pacific, which amounted to $315 billion in 2019, help fuel the consumption-led growth for some of the region's developing economies, including the Philippines

Kerala to train, export health workers; capitalise on remittances: FM Isaac

'There will be demand for Kerala nurses and paramedics all over the globe,' says Finance Minister Thomas Isaac

Economy may witness more pain as workers return and remittances fall

Getting back to their jobs abroad is uncertain for most workers now. This is particularly true for the Gulf region, from where over 60 per cent of India's remittances flow in

Remittances: Pain for India, China with Covid-19 striking across the world

The data reflects an overall increase in remittances in recent decades, from $126 billion in 2000 to $689 billion in 2018

Letter to BS: Govt should postpone Finance Bill provisions for NRIs

This will provide relief to the thousands of hard-working Indians who work abroad and remit their savings to the country every year

Letter to BS: Tax on remittances is absurd as the source is already taxed

On the one hand, the government wants to simplify tax rules, while on the other, it has introduced a measure that will complicate it

Budget proposal on remittances abroad triggers fears of double taxation

5% to be paid on already taxed income

$118.3 bn received in remittances since 2018-19: Govt to Lok Sabha

According to the data received from Indian missions, there are an estimated 13.62 million Indians abroad

India to retain top position in remittances with $80 bn: World Bank

The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach $528 billion in 2018

Rupee slump may boost remittances to a record high of $76 billion in 2018

A global emerging-market sell-off that's triggered outflows from Indian bonds and stocks saw the rupee setting a string of fresh lows earlier this month