Remittance News

UPI is now available in multiple countries. With more expected to join the list, this could have a game-changing impact on how Indians working abroad… send money to family, and friends back home. Watch this video to find out how to use UPI for international payments.

If you reload your forex card for more than Rs 7 lakh starting Oct 1, it will attract a TCS of 20 percent. The higher tax rate, however, won’t apply to payments made via credit cards

Inward foreign remittances to India surged by 26% to $112.5 billion in the last fiscal year, the highest growth in five years, driven by economic recovery post-pandemic. Leading contributors include the US, UAE, UK, Singapore, and others. The World Bank expects a slight slowdown due to subdued growth in OECD economies. In 2022, remittances were buoyed by strong oil prices in GCC countries and robust US labor markets. These remittances act as buffers against external shocks, making up 3.2% of India's GDP. Goldman Sachs predicts a stronger current account balance for India in 2023 due to robust remittance inflows. Despite global weaknesses, economists anticipate India's remittances to remain resilient this fiscal year.

A higher tax collected at source (TCS) rate of 20 percent will be effective from Oct 1 on foreign remittances sent under the LRS. We share more details here

Click here to download the Mint App https://livemint.onelink.me/MrDS/p0kx3pdg

While remittances to South Asian countries grew at an estimated 3.5% to $163 billion in 2022, there are large disparities, with Nepal seeing about 4% rise, against India’s projected gain of 12%

Apart from lifting local incomes, remittances can also increase non-violent crime in a region, a study finds. Violent crimes come down, though

As remittance doomsayers see opportunity drying up along with demand for oil, workers are sending money home in advance of their own returnOverall, remittances to the Asia-Pacific region will drop 12% in the second half of 2020 compared with the same period last year, Fitch Ratings says

The loss of income due to covid threatens to send remittances down to their worst level ever. This could seriously harm the families of workers, particularly in South Asia, who rely on these economic lifelines, as also their economies. Here are four measures to prevent this.

Money sent to Asia, where about a third of migrant workers worldwide come from, could fall by $54.3 billion, or about a fifth of baseline remittances, the Manila-based lender says