Page 4 - Remittances

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

India received $87 billion in remittances in 2021: World Bank

India, the world's largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20% of these funds

India received $87 bn in remittances in 2021; US biggest source of funding

India received $87 billion in remittances in 2021, and the United State was the biggest source

Remittances to Nepal: RBI hikes per transaction cap to Rs 2L from Rs 50,000

Reserve Bank on Friday hiked the ceiling on remittances per transaction from India to Nepal to Rs 2 lakh from Rs 50,000

US won't ease ban on remittances to Cuba amid unrest over economy: Biden

US President Joe Biden said his administration will not ease restrictions on remittances sent from US residents to relatives in Cuba because Cuban government will likely confiscate the money

Globalisation, old and new: What changing world order means for India

Globalisation is morphing as new agendas come into focus. These now drive action on climate change, taxation of global companies, tackling terrorism, sharing vaccines and the like, writes T N Ninan

Kerala hit hard by drop in remittances as 1.2 mn workers return: World Bank

Kerala has been hit hard by the drop in remittances from the Gulf countries from where about 1.2 million workers returned to the state due to the Covid-driven layoffs, according to the World Bank

India received $83 billion in remittances in 2020: World Bank report

India received over $83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report

Covid-19: Remittances to India to drop by 9% in 2020, says World Bank

India followed by China, Mexico, the Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances, the World Bank said in its latest report

Remittances growth turning muted; reasons structural, not transient: Report

Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over USD 70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10. Foreign currency non-resident (FCNR) segment has witnessed a year-on-year fall in deposits, whereas overall NRI (non-resident Indians) accounts have reported an increase, it said, adding that South-based Federal Bank and South Indian Bank have reported subdued growth in NRI deposits. Key risk for banks will emerge only if the fall i

India posts current account surplus of $19.8 bn as trade deficit narrows

Surplus in April-June 2020 (Q1Fy21) comes on top of a surplus of $0.6 billion (0.1 per cent of GDP) in the preceding quarter (Q4 Fy20), says RBI.

Decoded: 5%  tax on foreign fund transfers that may go up to 10% for some

For education-related foreign remittances funded by loans, though, the tax will be just 0.5% for amount above Rs 7 lakh, but will go up to 5% if PAN is not provided