WHAT IS REMITTANCE?
Remittance
Remittance is derived from the word 'remit' which means 'to send back'. Remittance refers to money that is sent or transferred to another party, usually overseas. Remittances can be sent via a wire transfer, electronic payment system, mail, draft, or cheque.
Remittances can be used for any type of payment including invoices for business purposes or other obligations like personal transfers made to family and friends.
LATEST UPDATES ON REMITTANCE
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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| January 23, 2023, Monday -
Pace of remittance inflows has slowed for India in the past decade
Cash transfers increased in absolute terms but the rate of growth decelerated| January 11, 2023, Wednesday -
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| January 08, 2023, Sunday -
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| December 20, 2022, Tuesday -
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| November 02, 2022, Wednesday -
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 ...| September 07, 2022, Wednesday -
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| August 09, 2020, Sunday -
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| April 14, 2016, Thursday
