Remittances

US remittance tax to revive hawala, hand cartels a financial lifeline

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

'US remittance tax, tariffs to cost India billions in lost investments'

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

Outward remittances under LRS fall 6.85% to $29.56 billion in FY25

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

Datanomics: Remittance tax in Donald Trump's 'Big, Beautiful Bill'

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

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

Remittance to foreign print media for ads allowed from EEFC account

Rajagopalan answers SME queries related to GST, export and import matters

Advanced economies overtake Gulf nations in share of remittances to India

Advanced economies such as the US, the UK, Singapore, Canada, and Australia together accounted for more than half of India's remittances in FY24, reflecting a shift in migration patterns

US, UK, Singapore lead as India's top remittance hubs; overtake GCC nations

The Gulf Cooperation Council (GCC) countries-UAE, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain-together contributed 38 per cent to total remittances received by India in 2023-24

Remittances to India from advanced economies surpass Gulf inflows: RBI

Indian migrants in the Gulf Cooperation Council (GCC) countries account for around half of the total Indian migrants in the world

Proposed TCS threshold hike on LRS expected to boost outbound travel

The revision, which will be effective from April 1, 2025, is expected to boost travel and foreign exchange segments, provide additional benefits to students, and improve tax compliance

At $129 bn, India top recipient of remittances this year: World Bank

The growth rate of remittances this year is estimated to be 5.8 per cent, compared to 1.2 per cent registered in 2023

Remitting large amount abroad? Pay TCS, declare income accurately

Maintain detailed records of foreign remittances, including purpose, amount, and beneficiary details

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

Growth in remittances to India may halve in 2024, says World Bank

India received remittances worth $120 billion in 2023, supported by strong labour markets in the United States and Europe

Indian diaspora breaks record with $107 billion remittance surge in FY24

According to a survey by the Reserve Bank of India on post-Covid-19 remittances, the United States emerges as the primary contributor, constituting 23% of the total amount

Outward remittances under LRS dips 2% in April, says RBI bulletin

According to the latest Reserve Bank of India (RBI) bulletin, the remittances under the scheme stood at $2.28 billion in April 2024, 1.98 per cent below $2.33 billion in April 2023

India received $111 bn in remittances in 2022, highest by any country: UN

India received over USD 111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the USD 100 billion mark, the United Nations migration agency has said. The International Organisation for Migration (IOM), in its World Migration Report 2024 launched Tuesday, said that in 2022, India, Mexico, China, the Philippines and France were the top five remittance recipient countries. "India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India, the report said. According to the report's data, India was the top country receiving remittances in 2010 (USD 53.48 billion), 2015 (USS 68.91 billion), and 2020 (USD 83.15 billion), with the remittances crossing the USD 100 billion mark t

Outward remittances under Reserve Bank of India's LRS up 27% in Apr-Jan

Overseas remittances in January 2024 stood at $2.62 billion, nearly 9 per cent higher than $2.40 billion in December 2023

Major UPI Apps enabled to receive remittances from Singapore, says NPCI

Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps