Remittance

To build a developed India, RBI must move beyond micromanagement

RBI eases forex compliance: exporters and importers can reconcile smaller bills, merchant traders get longer timelines, and rupee vostro accounts gain investment flexibility

Sending money abroad: Choose platform that discloses exchange rates, fees

For the same amount remitted, compare how much the recipient will get across different service providers

US Senate lowers proposed remittance tax to 1%, spares bank transfers

India is the largest recipient of remittances from the United States. In 2023-24, India received $32.9 billion from the US alone, accounting for 27.7 per cent of its total inward remittances

US remittance tax plan could impact Indian households, rupee: GTRI

A proposed 5 per cent US tax on remittances sent abroad by non-citizens is raising alarm in India as it may hit Indian households and the rupee, economic think tank GTRI said on Sunday. The provision is part of a broader legislative package titled 'The One Big Beautiful Bill' introduced in the US House of Representatives on May 12. It targets international money transfers made by non-US citizens, including green card holders and temporary visa workers like those on H-1B or H-2A visas. The proposed levy will not be applicable to US citizens. "The proposed US tax on remittances sent abroad by non-citizens is raising alarm in India, which stands to lose billions in annual foreign currency inflows if the plan becomes law," the Global Trade Research Initiative (GTRI) said. For India, the stakes are high as the country received USD 120 billion in remittances in 2023-24, with nearly 28 per cent originating from the US, it added. "A 5 per cent tax could significantly raise the cost of sen

US remittance tax plan raises discrimination concerns for overseas Indians

The bill proposes the levy on all cross-border remittances made by non-citizens, including H-1B, L-1, and F-1 visa holders, as well as green card holders

Wise Payments eyes more of India's $32 billion in overseas remittances

Major lenders like ICICI Bank Ltd. and State Bank of India have dominated the outbound remittance market in India

Chatroom: Remittances below $25,000 also need Form A2 now

The RBI has only put up the draft directions on exports and imports of goods and services for public response. The directions would be finalised only after receiving feedback from stakeholders

India's inward remittances in 2023 rise 12.3% to $125 billion: World Bank

India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion)

Overseas debit, credit card payments up to Rs 7 lakh a yr out of LRS: Govt

These transactions will not attract tax collected at source

Business visit expenses by employer not covered in RBI's remittance scheme

The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme. A clarification to this effect was provided in a set of FAQs issued by the finance ministry on the LRS (Liberalised Remittance Scheme). "When an employee is being deputed by an entity for any of the above (business visit), and the expenses are borne by the latter, such expenses shall be treated as residual current account transactions outside LRS and may be permitted by the AD (authorised dealer) without any limit, subject to verifying the bona fide of the transaction," the ministry said. Under the LRS, an individual is permitted to remit overseas up to USD 2.5 lakh annually. Any remittance by an individual above this threshold would require RBI approval. The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 to include .

Remittances decline 23% sequentially to $2.1 billion in February

Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high

Increase in TCS under LRS is to target discretionary spending: Revenue Secy

TCS on remittances made under the LRS was introduced in 2020

RBI orders SBM Bank to stop transactions under remittance scheme

The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year

Pace of remittance inflows has slowed for India in the past decade

Cash transfers increased in absolute terms but the rate of growth decelerated

Financial inclusion, remittance cost focus areas in G20 meeting

In Kolkata, apart from the plenary meetings, there would be a symposium that would see participation of 12 international speakers

Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Banks in talks with Singapore's DBS to begin real-time remittance system

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone

Asia-Pacific may see up to $54.3-bn remittance loss due to Covid-19: ADB

The ADB said that employment in host economies of Asian migrants is contracting significantly

India world's largest remittance recipient in 2015: World Bank

It retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014