With a rising population of more than 215 million international migrants in the world, remittances received by developing countries, is estimated to be $325 billion in 2010, states a World Bank study.
The remittances increased from $26.37 billion duringthe same period in the previous year, as India provided much better returns.
Leading FMCG maker HUL said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order. The notice relates to non-deduction of TDS on payment of Rs 3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
Other than India, China and Mexico, the top 10 recipients of remittances include the Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Vietnam. Remittance flow to South and East Asia has continued to post strong growth, largely on the fact that the gulf countries, a major destination for Asian migrants, have not significantly reduced hiring migrants.
Remittances by non-resident Indians (NRIs) saw a 27 per cent jump at $ 6.5 billion (Rs 39,991.9 crore in present valuations) between January and September this year, as against 7 per cent growth during the same period last year.
Overseas Indian workers are located in two regions -- the Middle East and developed countries such as the US, UK and Canada, ADB said. Those in the Middle East are mostly unskilled labour employed in construction and oil-related services while overseas Indians in the developed countries include skilled labour in the banking and information technology industry. 'Consequently, it is almost inevitable that remittances will decline,' the report said.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
India's foreign exchange reserves have jumped to an all-time high of $651.5 billion as of May 31, Reserve Bank Governor Shaktikanta Das said on Friday. This means the overall kitty has increased by $4.83 billion since the last reported number of $646.673 billion on May 24 this year.
The prospect of further falls in remittances is a hindrance for the Reserve Bank of India, as it seeks to bullet-proof the economy against sudden capital outflows
India is more vulnerable than it appears. Most of what RBI calls remittances could be disguised capital flows.
100-150 NRKs are returning from the Gulf sector every week.
The inward remittances to India has more than doubled from about $12.89 billion in 2000 to $27 billion in 2007. In 2006, inward remittances were $25.43 billion, while the outward flow constituted around $1.58 billion. Rich countries are still the main source of remittances with the United States leading the pack.
NRIs remittances jumped 19 per cent to $66 billion in the last fiscal compared to the previous financial year because of a sharp decline in the rupee value against dollar, Assocham said in a study.
Indians working abroad sent a whopping $21.7 billion to their kin in 2004, making the country the highest recipient of remittances worldwide
After India, China will stand second with $66 billion, followed by Mexico and the Philippines with $24 billion each, a latest report by the bank said on Tuesday.
In all, worldwide remittances -- including those to high-income countries -- will reach $406 billion in the current calendar year.
Remittances to India have gone up in the festive season of Diwali and Eid despite the Indian rupee gaining in strength.
Mobile remittance services, which have done wonders in other emerging market economies like Kenya and the Philippines, are expected to change the retail payment landscape in the country that has over 600 million mobile subscribers and 300 million bank account holders.
Private sector lender ICICI Bank on Monday launched I-Express, an instant cross-border money transfer option for Non-Resident Indians (NRIs).
Email alarm made government close arbitrage window
India is the largest recipient of remittances in the world, with $71 billion sent last year.
Cyprus, in accordance with the conditions set by the International Monetary Fund and European Union for a Euro 10-billion bailout package, had agreed to impose a tax on bank deposits in the country.
Indian workers' remittances to the country from abroad have soared considerably over the years to touch $23 billion in 2004, according to World Bank statistics.
Modi to push for low transaction cost for remittances at G20
The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
India's key exports to the UAE include gems and jewellery, petroleum products, metals, machinery and basmati rice.
India is the largest recipient of remittances in the world.
Hopes soar on currency gaining more if Modi becomes the Prime Minister.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
The average cost of data breaches in India reached $2.18 million in 2023, marking a 28 per cent increase since 2020, according to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24. The report said that India's average data breach cost was still below the global average. The most common attacks in India are phishing which was at 22 per cent and stolen or compromised credentials was 16 per cent. The automotive industry is highly vulnerable to cyber attacks, whereas the banking and financial services sector, benefiting from stringent regulations, enjoys comparatively stronger protection.
Despite difficult working conditions, Indians are still seeking jobs in Gulf countries
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Questions that the state had come to recognise over time but consistently delayed treating seriously because doing so requires an overhaul of perspective and lifestyle, notes Shyam G Menon.
The cost of remittances across various modes has come down significantly.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme (LRS). The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be effective retrospectively from May 16, the ministry said in a notification. "...the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India" will not be covered under LRS, the notification said while inserting Rule 7 in the FEM (CAT) Rules.
