Developing countries received $414 billion worth of remittances in 2013.
Other large recipients are China ($64 billion), the Philippines ($28 billion), Mexico ($24 billion), Nigeria ($21 billion), Egypt ($18 billion), Pakistan ($17 billion), Bangladesh ($15 billion), Vietnam ($11 billion) and Ukraine ($9 billion).
Non-banking entities such as fintech firms will have to tap into use cases beyond peer-to-peer (P2P) and peer-to-merchant (P2M) transactions to scale up the presence of the retail version of the central bank digital currency (CBDC), which is also known as the e, said industry players. These use cases will enable programmable transactions across domains, including the government's direct benefit transfer (DBT) schemes, with subsidies restricted to specific purposes such as food coupons, hospital bills, fertilisers, pesticides, and cross-border remittances.
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.
Can a culture survive as a way of life, even as the language and writing at its core, alter with time? Can we be rational and Malayalee or do we have to necessarily be religious and proudly cultural to be Malayalee? asks Shyam G Menon.
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
Remittances to India have gone up in the festive season of Diwali and Eid despite the Indian rupee gaining in strength.
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.
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.
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.
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The World Bank in its report said the relative importance of remittances as a source of external resources is expected to increase further.
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
In all, worldwide remittances -- including those to high-income countries -- will reach $406 billion in the current calendar year.
India received $70 billion in remittances during 2014.
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 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.
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.
HDFC Bank on Tuesday launched an online remittance facility for NRIs in the US, UK and Singapore.
One fact is irrefutable: Nepal's recent political history tells us that the route to a return of monarchy cannot go through India despite friends in high places, asserts Aditi Phadnis.
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.
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.
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.
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.
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.
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.
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.
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 towards gifts and donations have been brought under the ambit of remittance scheme of individuals up to $1,00,000.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Indian Bank on Tuesday launched IndRemit, an online money transfer service that allows Non-Resident Indians in the United States to make online money remittance to India.
With the Reserve Bank of India (RBI) allowing people to receive money more than twice a month from abroad, the companies facilitating transfer services are set to cash in, too.
For 2011-12, there were 7,56,741 foreign remittances made from India with money worth Rs 3,56,461 crore (Rs 3,564.61 billion) going out of India
The remittances increased from $26.37 billion duringthe same period in the previous year, as India provided much better returns.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
About 13 per cent of the funds remitted by Non-Resident Indians (NRIs) in 2006 were invested in equity and real estate. While 20 per cent of the funds are parked in bank deposits.
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.
The slowdown in global remittance flows that became evident in the last quarter of 2008 has continued in the first half of 2009. However, South Asian countries like India, Pakistan and Bangladesh have continued to post strong growth till now because of remittances from the Gulf region.
