High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
Underlining the contribution of non-resident Indians, Union Finance Minister Nirmala Sitharaman on Tuesday said remittances sent to the country by overseas Indians were about $100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh's Indore city, she described NRIs as the "real ambassadors of India" and appealed to them to use made in India products and services as far as possible so that the country's individual brand can be promoted across the globe. Sitharaman also said that after the "China plus one" policy, the world is now talking about the "European Union (EU) plus one" policy.
Enforcement Directorate officials said on Friday they are probing a 'complex network' of agents and facilitators in India, Canada and the US who help Indians illegally enter the US via 'bogus' admissions in Canadian colleges.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
The police went to Robin Uthappa's house to issue a notice. Since he does not reside at that address at present, a warrant has been executed for the former cricketer.
How have aspirations, ambitions and hopes broken down for these young men from the most advanced parts of India? asks Mihir S Sharma.
The Enforcement Directorate (ED) is investigating a complex network of agents and facilitators in India, Canada, and the US who assist Indians in illegally entering the US through fraudulent admissions to Canadian colleges. Over 8,500 financial transactions are under scrutiny by the ED in a case related to money laundering, stemming from a 2023 Gujarat Police crime branch FIR. The investigation includes international financial companies involved in remittances abroad, with the ED conducting 35 searches in the past year and seizing assets worth Rs 92 lakh. The issue has gained significant attention following the deportation of 104 Indians from the US on Wednesday. The investigation is linked to the tragic death of an Indian family in January 2022, who perished while attempting to cross the Canada-US border illegally. The ED has identified a network of agents and facilitators who manage and facilitate the stay, transportation, visa arrangements, and legal matters of illegal immigrants who gained admission to Canadian colleges through fraudulent means. The investigation has revealed that the fees paid to Canadian colleges were remitted back to individuals' accounts, with around 8,500 transactions identified between September 2021 and August 2024. The ED suspects that approximately 370 individuals have entered the US using this illegal immigration scheme. The agency has recorded statements from parents and guardians of students enrolled in Canadian colleges and continues its investigation.
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 $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.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The Reserve Bank of India (RBI) will launch the Unified Lending Interface (ULI) nationwide in due course, aiming to transform India's lending sector, similar to how the Unified Payments Interface (UPI) revolutionised the payments ecosystem, Governor Shaktikanta Das said on Monday.
Remittances to India are likely to drop by 23 per cent from USD 83 billion last year to USD 64 billion this year due to the coronavirus pandemic, which has resulted in a global recession, the World Bank has said. Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns, according to a World Bank report on the impact of the Covid-19 on migration and remittances released on Wednesday.
NRIs still send largest remittances than counterparts elsewhere.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
The country's current account deficit widened marginally to $9.7 billion or 1.1 per cent of GDP in April-June 2024, as against $8.9 billion or 1 per cent in the year-ago period, Reserve Bank of India said on Monday. The crucial number representing the country's external sector strength has come on the heels of a surplus of $4.6 billion or 0.5 per cent of GDP recorded in the preceding January-March quarter. The Reserve Bank attributed the year-on-year widening in current account deficit to a rise in merchandise trade gap which was recorded at $65.1 billion in Q1 FY25 as compared to $56.7 billion in the year-ago period.
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
The stronger-than-expected recovery in remittances -- payments that are key to supporting the economies of many poor countries -- was driven by growth in Europe, Russia, and the United States.
Employees Provident Fund Organisation (EPFO) will migrate to a new information technology (IT) system within the next three months, Union labour minister Mansukh Mandaviya said on Wednesday. In July last year, a clutch of officers at the retirement fund body had written a letter to the Central government complaining about archaic and "collapsing" software systems. Subscribers too were facing problems due to it.
India's current account deficit (CAD) may dip further in the March quarter of FY24 as pressure from the negative net exports during the January-March period eased to an 11-quarter high. A part of the gross domestic product (GDP) data, net export- which is usually negative for India - captures the difference between exports and imports of both goods and services, while the CAD data, released by the Reserve Bank of India (RBI), also factors in private transfer receipts.
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.
Remittances to the developing world are expected to reach $440bn in 2015.
'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.'
As a percentage of GDP, the top recipients of remittances, in 2012, were Tajikistan (48 per cent), Kyrgyz Republic (31 per cent), Lesotho and Nepal (25 per cent each) and Moldova (24 per cent).
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
India received $70 billion in remittances during 2014.
India continues to be the top recipient of global remittance flow at $52 billion in 2009, the World Bank has said in a report. Check out the other top receivers of remittances.
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 Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
HDFC Bank on Tuesday launched an online remittance facility for NRIs in the US, UK and Singapore.
Tamil Nadu, Kerala and Uttar Pradesh are ahead of Bihar in terms of remittance sent by Indians to their home through Western Union money transfer with assistance from post offices, Anil Kumar, Director, Business Development, Bihar postal services told PTI.
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.
According to the latest data released by the Reserve Bank of India, remittances for overseas studies accounted for 61.59 per cent of the total outgo under the liberalised remittance scheme that enables individuals to send up to $200,000 (around Rs 98 lakh) annually for specified activities without seeking prior approval.
Minister of Overseas Indian Affairs Vayalar Ravi in reply to a question said India's remittance from abroad is $27 billion which is the highest in the world.
Remittance is defined as the sum of money paid to someone at a distance.
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.
India is the largest recipient of remittances, which touched $23.4 billion in 2006.
The remittance is limited to 12 transactions a year per sender, with a maximum amount of Rs 50,000 per transaction with a normal transaction fee of Rs 50 for an amount less than Rs 5,000 and Rs 75 for amount above Rs 5,000. It will be implemented by commercial banks under the national electronic fund transfer system.
While Indians are increasingly using mobile platforms and technology for various financial transactions and purchases like bill payments, ticket bookings, entertainment, travel and banking transactions, cross border mobile remittance is yet to see the light of the day.
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.
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.
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