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.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
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.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
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
Saudi Crown Prince Muhammad bin Salman's much-anticipated visit to Pakistan has been deferred for unspecified reasons, a report said on Saturday.
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.
India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at $1.3 billion or 0.2 per cent of GDP, and the same was $8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
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.
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.
Modi to push for low transaction cost for remittances at G20
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.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
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.
The Reserve Bank of India (RBI) has identified "climate shocks" as a risk to food inflation rates and overall price rise while stating that the outlook for the country's economic growth remains bright. In its Annual Report for 2023-24, released on Thursday, the central bank said easing supply-chain pressures, broad-based softening in core inflation, and early indications of an above-normal southwest monsoon meant well for the inflation outlook in 2024-25. "The increasing incidence of climate shocks, however, imparts considerable uncertainty to the food inflation and overall inflation outlook," said the RBI while noting headline inflation moderated by 1.3 percentage points on an annual average basis to 5.4 per cent in 2023-24.
In the volatile international situation where 'nativism' is on the rise and immigrant communities are being targeted, the Leader of the Opposition's statement is like adding fuel to fire. If the Indian diaspora numbering 4 crores is threatened it will constitute a grave threat to national security, warns Colonel Anil A Athale (retd).
Despite difficult working conditions, Indians are still seeking jobs in Gulf countries
Moitra, who was expelled from the Lok Sabha in December for "unethical conduct", has been renominated by her party from West Bengal's Krishnanagar seat in the upcoming Lok Sabha polls.
Indians remitted close to $2 billion in November under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS), latest data released by the central bank showed. Outward remittances under the scheme jumped 29 per cent to $1.99 billion compared to $1.54 billion in the year-ago month. Sequentially, outward remittances under the scheme were up about 3.5 per cent.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
The cost of remittances across various modes has come down significantly.
This is the first time a bank has introduced a real-time international account to account money transfer service via mobile phones anywhere in the world, a statement here said.
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