Page 5 - Remittances
Economy may witness more pain as workers return and remittances fall
Getting back to their jobs abroad is uncertain for most workers now. This is particularly true for the Gulf region, from where over 60 per cent of India's remittances flow in
 "Economy may witness more pain as workers return and remittances fall")
Remittances: Pain for India, China with Covid-19 striking across the world
The data reflects an overall increase in remittances in recent decades, from $126 billion in 2000 to $689 billion in 2018
 "Remittances: Pain for India, China with Covid-19 striking across the world")
Letter to BS: Govt should postpone Finance Bill provisions for NRIs
This will provide relief to the thousands of hard-working Indians who work abroad and remit their savings to the country every year
 "Letter to BS: Govt should postpone Finance Bill provisions for NRIs")
Letter to BS: Tax on remittances is absurd as the source is already taxed
On the one hand, the government wants to simplify tax rules, while on the other, it has introduced a measure that will complicate it
 "Letter to BS: Tax on remittances is absurd as the source is already taxed")
Budget proposal on remittances abroad triggers fears of double taxation
5% to be paid on already taxed income
 "Budget proposal on remittances abroad triggers fears of double taxation")
$118.3 bn received in remittances since 2018-19: Govt to Lok Sabha
According to the data received from Indian missions, there are an estimated 13.62 million Indians abroad
 "$118.3 bn received in remittances since 2018-19: Govt to Lok Sabha")
India to retain top position in remittances with $80 bn: World Bank
The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach $528 billion in 2018
 "India to retain top position in remittances with $80 bn: World Bank")
Rupee slump may boost remittances to a record high of $76 billion in 2018
A global emerging-market sell-off that's triggered outflows from Indian bonds and stocks saw the rupee setting a string of fresh lows earlier this month
 "Rupee slump may boost remittances to a record high of $76 billion in 2018")
India receives $69 bn in remittances from its diaspora, retains top spot
Kerala topped the share of remittances (40%) with the number of workers sending money to the state increasing in five years to 2014
 "India receives $69 bn in remittances from its diaspora, retains top spot")
India highest recipient of remittances at $69 billion, says World Bank
Global remittances are expected to grow 4.6 per cent to $642 billion in 2018 but longer-term risks to growth of remittances include stricter immigration policies
India receives $235 billion in remittances in three-and-half years
The volume of remittances in the first six months of the current fiscal was $30.43 billion
 "India receives $235 billion in remittances in three-and-half years")
Remittances to India to decline by 5% in 2016: World Bank
This is attributed mainly due to weak economic growth in remittances-source countries and cyclic low oil prices
 "Remittances to India to decline by 5% in 2016: World Bank")
Problems for NRIs remitting salary to India
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts
As India reaps benefits of cheap oil, Gulf remittances take a toll
Low oil prices take a hit on Gulf's economy, forcing it to retrench Indian workforce, which have hit remittances
 "As India reaps benefits of cheap oil, Gulf remittances take a toll")
India world's largest recipient of remittances in 2015: World Bank
This despite a $1 bn drop in remittances from previous year
India was the world's largest remittance recipient in 2015: World Bank
Attracts around $69 billion in remittances in 2015, ahead of China with remittances of $64 billion