Mumbai: Overseas Indians sent home a record $29 billion by way of remittances in the December quarter as steadily climbing returns from FCNR (foreign currency – non resident) instruments have made such savings plans more lucrative than bank deposits in the West. To be sure, remittances are a source of permanent flows, unlike repatriable NRI … Read more
Resident Indians sent close $2 billion abroad in September under the Liberalised Remittances Scheme(LRS), touching a three year high which analysts speculate could be to buy cryptos. More than 60 per cent of the money has remitted is for travel abroad and studies, which again are at multi-year highs, RBI data indicates. Overall outward remittances … Read more
PayPoint processed domestic remittances worth Rs 450 crore in June, down by almost 40 per cent in April. It had processed domestic fund transfers of more than Rs 500 crore in March 2020. Synopsis India processes roughly Rs 12,000 crore to Rs 14,000 crore in monthly remittances internally. Remittance players said that with migrant labour … Read more
Mumbai: Global remittances company Wise launched its India operations to tap the $18 billion odd outward remittances market. The company is targeting individuals sending money abroad under the Reserve Bank of India’s liberalised remittances scheme (LRS) and later move on to facilitate outward payment transactions for businesses. It aims to bring down the cost of … Read more
Remittances from Pakistani workers employed abroad rose to a record monthly high of $2.8 billion in April, 56% higher than a year earlier, the central bank said on Tuesday. On a cumulative basis, remittances also surpassed the previous record. Proactive policy measures by the government and State Bank to encourage more inflows through banking channels, … Read more