Page 3 - Remittances

With $100 bn in 2022, India biggest recipient of money from overseas

Highly-skilled Indian migrants from the US, UK and Australia were sending more money home, helped by job support programs during Covid-19 restrictions

Maintain proper documents proving source of funds remitted abroad

Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity

Remittances sent by Pakistani expats reach $2.5 bn in March: central bank

Pakistani expatriates sent home USD 2.5 billion in remittances in March, a seven-month high, the State Bank of Pakistan said on Monday, as the cash-strapped country tried to avert a major economic crisis. The data from the central bank showed that the inflow of workers' remittances was 27 per cent higher compared to February. However, it was 11 per cent lower compared to March 2022, Geo News reported. Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves. According to the report, historical trends suggest that Pakistanis living abroad sent record-high remittances ahead of Eid festivals each year. According to the report, inflows remained comparatively high as non-resident Pakistanis used legal channels to send funds to their family, given the shrinking gap between rates in the interbank and the open market. Pakistani expatriates in Saudi Arabia topped the list of remittances by send

Budget 2023: Understanding 20% TCS on foreign remittance transactions

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

Watch out for mark-up on the exchange rate when remitting money

Go with a player that states both the exchange rate and the transaction fee transparently

Discussions for next G20 Financial Inclusion Action Plan kicked off

The members will decide on the final priorities, but Sarkar said, the major ongoing priorities were digital financial inclusion and making finances more accessible to SMEs

Remittance cost for workers outside India may drop to 3% by 2027: Official

G20 leaders have attached a lot of importance to the high remittance cost for workers outside India, and efforts are underway to bring the rate down to an average of 3 per cent by 2027, a top official said on Sunday. At present, the remittance cost, on an average, stands at around 6 per cent of each transaction, he said. "Workers and labourers employed outside India have to bear a high remittance cost, and G20 leaders have attached a lot of significance to reduction of this rate. "The aim is to bring it down to an average of 3 per cent by 2027," said Chanchal Sarkar, Economic Advisor, Ministry of Finance, Department of Economic Affairs. Sarkar was speaking at a briefing ahead of the first Global Partnership for Financial Inclusion meeting of the G20, scheduled to be held in Kolkata from January 9-11. He said remittance cost will be one of the key topics of discussion at the three-day event, along with digital financial inclusion principles and finance availability for SMEs. Indi

India to receive record remittances but experts worry CAD will still widen

Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year

Pakistan's remittances declined 4.8% in November, says central bank

State Bank of Pakistan says remittances sent by overseas Pakistani workers decreased 4.8% in November on a month-on-month basis

Remittance inflows in India to top $100 billion in 2022: World Bank brief

Remittance inflow pattern in India has undergone a structural shift from gulf countries to high-income countries in the past few years

In 2022, world-topping $100 billion in remittances have come to India

Remittance flows to India will rise 12 per cent to reach $100 billion this year, according to a World Bank report published on Wednesday

Remittances up 5% in 2022, but growth to slow to 2% next year: World Bank

Remittances are a vital source of household income for people in low- and middle-income countries, helping to alleviate poverty and building resilience

Outward remittances under liberalised remittance scheme jump 50% in H1

During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago

Digital rupee likely to bring down cost of cross-border payments

The introduction of CBDC for cross-border remittances can bring down costs substantially

US' return as leading source of Indian remittances mirrors pre-2008 trend

North America had a high share of remittances before the global financial crisis

TMS Ep218: Remittance to India, over-tourism, markets, mobile security

What's the significance of the US remittances to India? Why over-tourism may spell trouble for tourist spots? Why are Infosys and Wipro staring at modest Q1 revenues? What's Apple's Lockdown Mode?

Remittances from West Asia hit in FY21 due to Covid-19 pandemic

According to an RBI survey, Indians in advanced nations, like the US & UK, emerged important sources of money

Overseas remittances almost double year on year to $2 billion in April

Travel, relative care top the chart, with the former coming back to pre-Covid levels

Money sent abroad for travel grew threefold in February: RBI data

Reserve Bank of India (RBI) data showed in FY21, Indians spent about $3.23 billion for travel, sharply down from $6.95 billion in FY20.

Global remittances to rebound as economies recover from Covid impact: ADB

Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade