India wants steps at G20 summit to cut costs on remittances

India, which is world's largest recipient of remittances with USD 71 billion sent last year, will urge the upcoming G20 summit in Brisbane to work on steps to reduce costs in sending money home from aborad.
Giving a broad overview on how India looked at the summit of the grouping of world's 20 major economies, former Union Minister Suresh Prabhu, who has been appointed as Prime Minister Narendra Modi's 'sherpa' for the deliberations, said New Delhi will also seek strong action on climate change.
"We have to work on this," Prabhu told reporters ahead of the two-day summit from November 15 which will be attended by Modi among other world leaders that includes US President Barack Obama.

Prabhu said the cost of remittances is a matter of concern.
In some cases, the costs of sending money to developing countries is as high as 10 per cent of the value of the remittances, he said, adding, efforts must be made to reduce the costs to less than five per cent.
India will retain its top spot with USD 71 billion in remittances this year as this flow to developing countries are expected to reach USD 435 billion, an increase of five per cent over 2013, according to the World Bank.
India has the world's largest emigrant stock of 14 million people, the bank said,

There are calls for Australia to use its Presidency of the G20 to cut the costs incurred by migrants wanting to send money home to their relatives in developing countries.