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Foreign Remittances
According to a survey by the Reserve Bank of India on post-Covid-19 remittances, the United States emerges as the primary contributor, constituting 23% of the total amount
India received over USD 111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the USD 100 billion mark, the United Nations migration agency has said. The International Organisation for Migration (IOM), in its World Migration Report 2024 launched Tuesday, said that in 2022, India, Mexico, China, the Philippines and France were the top five remittance recipient countries. "India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India, the report said. According to the report's data, India was the top country receiving remittances in 2010 (USD 53.48 billion), 2015 (USS 68.91 billion), and 2020 (USD 83.15 billion), with the remittances crossing the USD 100 billion mark t
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The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28
North America had a high share of remittances before the global financial crisis
Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade
India, the world's largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20% of these funds
A year and a half into the pandemic, policy makers have given little thoughtful guidance to families.
The I-T department also advised authorised dealers to accept such forms till June 30, 2021 for the purpose of foreign remittances.
For education-related foreign remittances funded by loans, though, the tax will be just 0.5% for amount above Rs 7 lakh, but will go up to 5% if PAN is not provided
Remittance receipts in Asia and the Pacific would fall by $54.3 billion, equivalent to 19.8 per cent of remittances in 2018
India tops the list of nations that remit earnings - nearly $83 billion remitted in 2019 - according to the World Bank
Since there will be tax incidence in the foreign country, an investor has to seek credits in India
Future Group payments affiliate LivQuik to launch foreign remittance services at stores
With foreign travel and studying abroad accounting for the bulk of the remittances by Indians, using a sledgehammer may not work
Low crude prices have led to a drop in remittances to India from the diaspora in the Gulf region
Income tax seeks explanation from a dozen chartered accountants on issuing TDS certificates