Remittance

Major lenders like ICICI Bank Ltd. and State Bank of India have dominated the outbound remittance market in India

The RBI has only put up the draft directions on exports and imports of goods and services for public response. The directions would be finalised only after receiving feedback from stakeholders

India continues to be the highest recipient of remittances globally, followed by Mexico ($67 billion) and China ($50 billion)

These transactions will not attract tax collected at source

The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme. A clarification to this effect was provided in a set of FAQs issued by the finance ministry on the LRS (Liberalised Remittance Scheme). "When an employee is being deputed by an entity for any of the above (business visit), and the expenses are borne by the latter, such expenses shall be treated as residual current account transactions outside LRS and may be permitted by the AD (authorised dealer) without any limit, subject to verifying the bona fide of the transaction," the ministry said. Under the LRS, an individual is permitted to remit overseas up to USD 2.5 lakh annually. Any remittance by an individual above this threshold would require RBI approval. The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 to include .

Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high

TCS on remittances made under the LRS was introduced in 2020

The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year

Cash transfers increased in absolute terms but the rate of growth decelerated

In Kolkata, apart from the plenary meetings, there would be a symposium that would see participation of 12 international speakers

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone

The ADB said that employment in host economies of Asian migrants is contracting significantly

It retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014