Remittances

RBI Deputy Governor says remittances to India likely to remain stable as demand for migrant workers may rise despite ongoing conflict in West Asia

Niyo Forex launches Chennai branch as part of its expansion plan, targeting Tamil Nadu's outbound travel and remittance demand with a phygital model and wider service network

Disclose the property every year under Schedule FA of your income-tax return

Outward remittances under RBI's LRS declined 3.19 per cent to $2.68 billion in January 2026, with lower education and deposit outflows partly offset by rising overseas investments

NRI deposit inflows declined 25.86 per cent to $10.61 billion in April-January 2026, mainly due to a sharp fall in FCNR deposits, even as NRE and NRO inflows rose

Remittances from West Asia to India rise 20-30% in March as diaspora sends more money amid conflict and a weaker rupee, though bankers warn gains may be temporary

A huge number of Indians split their lives across the Arabian Sea, remitting $125 billion a year, supporting their families and the Indian economy

In this session, Richa Sawhney, Partner – Tax, Grant Thornton Bharat talks about the new tax rules, business implications and gives tips to students aspiring to be in tax advisory roles

Lowering TCS on overseas education and medical remittances under LRS to 2% is expected to ease cross-border transactions and bring predictability for families managing large foreign expenses

Sending money from the US to India has become costlier after a 1% excise tax on cash-based remittances took effect from January 1, 2026

The RBI undertook a review of the existing prudential norms governing the declaration of dividends and remittance of profits, including those applicable to foreign banks operating in branch mode

The 1 per cent remittance tax will apply to transfers made using cash, money orders or cashier's checks, affecting many NRIs in the US who send money abroad through physical payment modes

The challenge is not reversal but recalibration: India must redesign its external strategy even as domestic engines stay strong

Union Minister for Communication Jyotiraditya M Scindia on Monday unveiled the UPIUPU Integration project here, described as a landmark initiative aimed at transforming cross-border remittances for millions worldwide. The initiative was launched at the 28th Universal Postal Congress. Developed by the Department of Posts (DoP), NPCI International Payments Limited (NIPL), and the Universal Postal Union (UPU), it integrates India's Unified Payments Interface (UPI) with the UPU Interconnection Platform (IP), combining the reach of the postal network with the speed and affordability of UPI. Addressing the event, Scindia called it more than a technology launch, but a social compact. The reliability of the postal network combined with the speed of UPI means families across borders can send money faster, safer and at much lower cost. It reaffirms that public infrastructure built for citizens can be linked across borders to serve humanity better, he said. He outlined India's vision for a .

According to RBI data, the amount remitted under LRS was up 0.5 per cent year-on-year (Y-o-Y) from $6.88 billion recorded in Q1 FY25

April 2025 outward remittances under the RBI's LRS rose 8.6 per cent YoY to $2.5 billion, but full-year outflows fell by 6.85 per cent amid global uncertainty and high base

The remittance tax risks reviving hawala networks, making it easier to fund drug and human smuggling, as criminal syndicates step in to exploit informal money transfer systems once again

The original version of US President Donald Trump's "One Big Beautiful Bill" included a 5 per cent excise duty on outward remittances

RBI data shows LRS outflows dropped to $29.56 billion in FY25 due to weak income growth, rupee depreciation, and lower transfers for education and close relatives

A provision in Trump's new 'Beautiful Bill' suggests a 5% excise tax on all outward remittances by non-US citizens, raising the cost of transfers to countries like India