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REMITTANCES INDIA 2023
EPFO asks retired employee to return Rs 2.5 crore PF money over company's trust exemption lapse; he fights in HC and winsA retired employee received relief from the Telangana High Court. The Employees' Provident Fund Organisation had demanded Rs 2.5 crore PF m...- What's brewing? FinMin seeks gold lending info from banksIn a communique to banks on Friday evening, the Department of Financial Services sought data on value and quantity of gold metal loans (GML...
- Foreign remittances to Kerala stay resilient despite West Asia crisisMoney from non-resident Indians to Kerala remains strong. Banks like Federal Bank and South Indian Bank show growth in deposits. This inflo...
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reasonA US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account d...
- India’s $138 billion money bank outside the border is getting harder to shakeThe resilience of India's remittance system has reached new heights, with money sent home now more equipped to withstand external shocks. A...
- Weaker monsoon prediction, Iran war cloud growth outlookIndia's rural economy is faced with potential challenges. A weaker monsoon and rising farm costs from the Iran war could impact growth this...
- Higher EPS Pension: EPFO can’t use the excuse of employer’s deficient system of recordkeeping as a ground to deny higher pension to employees, rules Bombay HCBombay High Court ruled in favour of six employees seeking higher pensions. The court stated the Employee Provident Fund Organisation (EPFO...
- RBI sees BoP improving despite oil risks, remittances to stay strongIndia's central bank anticipates an improved balance of payment situation. While high crude oil prices may initially impact the current acc...
- Iran's Gulf attacks put India’s money flowing engine into one of the toughest testsIndia's essential remittance inflows are confronting an extraordinary obstacle. The intensifying turmoil in West Asia is fueling anxiety am...
- India's invisible receipts grow 56% to $464.189 billion in April-Dec periodIndia's inward receipts from international trade in services, incomes, and remittances surged by 56% to $464.189 billion in the first nine ...
- US tax on outward remittances to pinch Indians sending money homeIndians in America may face higher costs for remittances. A proposed US tax could significantly increase their financial burden. This levy ...
- Share of remittances to India from advance economies surpasses that of Gulf: RBI BulletinIndia's remittance patterns have shifted with advanced economies like the US and UK becoming key contributors, while the Gulf nations' shar...
- Digitalisation lowers costs and to boost volume of inward remittancesThe Reserve Bank of India (RBI) reports that the global adoption of Unified Payments Interface (UPI) and Central Bank Digital Currencies (C...
- Remittances to India expected to grow by 3.7% in 2024, to reach $124 bn: Economic SurveyThe Economic Survey presented by Finance Minister Nirmala Sitharaman indicates that remittances to India, a crucial source of external fina...
- India sees 16% decrease in outward remittances under LRS in May 2024India's liberalised remittance scheme saw a 16% year-on-year decrease in outward remittances, with a total of $2.42 billion remitted in May...
- Indian diaspora sends home over $100 billion for second year in a rowMy 2023-24 remittances were influenced by migration trends, job opportunities, and costs, with the US as the primary source. India remained...
- Overseas Indians book return trips, send home record $29 billion in Q3Remittances are a source of permanent flows, unlike repatriable NRI deposits, and these help in narrowing the current account deficit (CAD)...
- India tops remittance flows at USD 125 bn in 2023: World BankIn 2023, India led global remittance inflows at USD 125 billion, driven by factors like its UAE agreement boosting bilateral trade in dirha...
- India largest recipient of remittances of $125 billion in 2023, rise to $135 billion in 2024“The remittance outlook for India for 2024 is strong. With unemployment rates edging up marginally in the United States and the United King...
- India tops global remittance charts at $125 billion in 2023Despite these positive trends, challenges and potential risks are highlighted. The Middle East and North Africa saw a decline in remittance...
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