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Here’s How Much Money You Can Send Abroad From India?
The Foreign Exchange Management Act, 1999 defines the statutory context for the management of foreign exchange transactions in India. Under the Foreign Exchange Management Act (FEMA), 1999, all transactions encompassing foreign exchange are categorised as either capital or current account transactions. ...
Indians can Now Make Remittances to IFSCs Under LRS
The Reserve Bank allowed resident individuals to make remittances to International Financial Services Centres (IFSCs) in the country under the Liberalised Remittance Scheme (LRS). The RBI decision is targeted at enhancing the financial markets of the IFSCs and providing resident individuals ...
India Is Still The Top Receiver Of Overseas Remittance In The World
In 2018, India retained its position as the world's top recipient of remittances at $78 billion, according to statistics disclosed in the World Migration Report 2020 released on Wednesday by International Organisation for Migration (IOM). The ranking is justified considering that ...
India Tops In Remittance Received Globally: World Bank
As per the World Bank release on Monday, India once again retained its top position in respect of remittance received from its Indian diaspora abroad. In 2017, inflows into India amounted to some $69 billion. World over remittances are said ...
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