Remittances under LRS up 56 per cent in H1’22

photo

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

Hinterland remittances turn the corner

photo

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

Remittances company wise sets up shop in India

photo

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

Pakistan’s remittances hit all-time monthly high of $2.8 bln in April

photo

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