 "What is Remittance?")
Remittance
What is Remittance?
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Latest Updates on Remittance
Wise Payments eyes more of India's $32 billion in overseas remittances
Major lenders like ICICI Bank Ltd. and State Bank of India have dominated the outbound remittance market in India
 "Wise Payments eyes more of India's $32 billion in overseas remittances")
Chatroom: Remittances below $25,000 also need Form A2 now
The RBI has only put up the draft directions on exports and imports of goods and services for public response. The directions would be finalised only after receiving feedback from stakeholders
 "Chatroom: Remittances below $25,000 also need Form A2 now")
India's inward remittances in 2023 rise 12.3% to $125 billion: World Bank
India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion)
 "India's inward remittances in 2023 rise 12.3% to $125 billion: World Bank")
Overseas debit, credit card payments up to Rs 7 lakh a yr out of LRS: Govt
These transactions will not attract tax collected at source
 "Overseas debit, credit card payments up to Rs 7 lakh a yr out of LRS: Govt")
Business visit expenses by employer not covered in RBI's remittance scheme
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 to include international credit card payments in the LRS
Remittances decline 23% sequentially to $2.1 billion in February
Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high
 "Remittances decline 23% sequentially to $2.1 billion in February")
Increase in TCS under LRS is to target discretionary spending: Revenue Secy
TCS on remittances made under the LRS was introduced in 2020
 "Increase in TCS under LRS is to target discretionary spending: Revenue Secy")
RBI orders SBM Bank to stop transactions under remittance scheme
The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year
 "RBI orders SBM Bank to stop transactions under remittance scheme")
Pace of remittance inflows has slowed for India in the past decade
Cash transfers increased in absolute terms but the rate of growth decelerated
 "Pace of remittance inflows has slowed for India in the past decade")
Financial inclusion, remittance cost focus areas in G20 meeting
In Kolkata, apart from the plenary meetings, there would be a symposium that would see participation of 12 international speakers
 "Financial inclusion, remittance cost focus areas in G20 meeting")
Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data
International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022
 "Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data")
Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens
Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore
 "Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens")
Banks in talks with Singapore's DBS to begin real-time remittance system
At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone
 "Banks in talks with Singapore's DBS to begin real-time remittance system")
Asia-Pacific may see up to $54.3-bn remittance loss due to Covid-19: ADB
The ADB said that employment in host economies of Asian migrants is contracting significantly
India world's largest remittance recipient in 2015: World Bank
It retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014
 "India world's largest remittance recipient in 2015: World Bank")
