Diabytes
Remittances News
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Thomas Cook India's TC Pay is a user-friendly digital interface that allows for 24x7 remittances facility.
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RBI said the views expressed in the article are those of the authors and do not represent its views.
The decline in remittances from the Gulf countries during 2020-21 reflects a slower pace of migration.
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Over the last three years, India has registered a significant flow of remittances from USD 62.7 billion in 2016 to USD 65.3 billion 2017.
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The study said India was the top receiving country for remittances in 2016 at USD 62.7 billion, followed by China (USD 61 billion), the Philippines (USD 30 billion) and Pakistan (USD 20 billion).
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India received a whopping USD 235 billion in remittances in the last three-and-a-half years, as per government data.
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Continuing weakness in oil prices may impact remittances from Gulf countries into India, a report by domestic ratings agency Crisil said.
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For the first time since 2009, remittances by the overseas Indians slowed down bringing worries to external advisers of Reserve Bank of India (RBI) governor Raghuram Rajan abou the monetary policy impact.
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India retained its top spot in 2015, attracting about USD 69 billion in remittances, down from USD 70 billion in 2014, the World Bank said in its annual report 'Migration and Development Brief'.
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CBI on Saturday carried out searches at Bank of Baroda branches here in connection with the alleged Rs 6100 crore black money which was transferred to Hong Kong, in collusion with bank officials.
The Reserve Bank on Thursday allowed companies to remit overseas the salaries of foreigners working in the country.
To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.
India pushed for a reduction in the remittance costs of non-residents at the G20 summit that ended today.
Indians beneficiaries receive an average of Rs 2.30 lakh per year in remittances from their family members working abroad in a year and half of them said that the income has improved savings, a report said.
A London-based Indian-origin entrepreneur has launched a unique "pay-what-you-want" money remittance service that abolishes compulsory fees.
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