Foreign Remittances
Indian diaspora breaks record with $107 billion remittance surge in FY24
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
 "Indian diaspora breaks record with $107 billion remittance surge in FY24")
India received $111 bn in remittances in 2022, highest by any country: UN
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
 "India received $111 bn in remittances in 2022, highest by any country: UN")
TMS Ep466: New TCS regime, HDFC twin merger, markets, wreck-diving
How will the new TCS regime affect you? What are the implications of the HDFC merger? Report card H1-CY23: How did the markets fare? What is wreck-diving? All answers here
 "TMS Ep466: New TCS regime, HDFC twin merger, markets, wreck-diving")
Top headlines: Adani cos under Sebi lens, TCS on foreign remittances
Business Standard brings you the top headlines at this hour
 "Top headlines: Adani cos under Sebi lens, TCS on foreign remittances")
TMS Ep436: India's macro data, K Srinath Reddy, Nifty IT-NASDAQ, TCS rule
What does India's latest macro data imply? Why does K Srinath Reddy believe booster shots are no longer needed? Has the Nifty IT-NASDAQ correlation ended? What is the new TCS rule? Answers here
 "TMS Ep436: India's macro data, K Srinath Reddy, Nifty IT-NASDAQ, TCS rule")
Tax evasion: 89 high-value foreign remittances come under I-T scanner
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
 "Tax evasion: 89 high-value foreign remittances come under I-T scanner")
US' return as leading source of Indian remittances mirrors pre-2008 trend
North America had a high share of remittances before the global financial crisis
 "US' return as leading source of Indian remittances mirrors pre-2008 trend")
Global remittances to rebound as economies recover from Covid impact: ADB
Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade
 "Global remittances to rebound as economies recover from Covid impact: ADB")
India received $87 billion in remittances in 2021: World Bank
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
 "India received $87 billion in remittances in 2021: World Bank")
The family in a pandemic: Will we ever be able to travel with young kids?
A year and a half into the pandemic, policy makers have given little thoughtful guidance to families.
 "The family in a pandemic: Will we ever be able to travel with young kids?")
I-T Dept allows manual filing of tax forms for foreign remittance
The I-T department also advised authorised dealers to accept such forms till June 30, 2021 for the purpose of foreign remittances.
 "I-T Dept allows manual filing of tax forms for foreign remittance")
Decoded: 5% tax on foreign fund transfers that may go up to 10% for some
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
 "Decoded: 5% tax on foreign fund transfers that may go up to 10% for some")
Global remittances may lose $108.6 bn in 2020; South Asia to suffer most
Remittance receipts in Asia and the Pacific would fall by $54.3 billion, equivalent to 19.8 per cent of remittances in 2018
 "Global remittances may lose $108.6 bn in 2020; South Asia to suffer most")
Why remittance-dependent states must help recruiting agencies survive
India tops the list of nations that remit earnings - nearly $83 billion remitted in 2019 - according to the World Bank
 "Why remittance-dependent states must help recruiting agencies survive")
Investors making a beeline for foreign properties must be mindful of rules
Since there will be tax incidence in the foreign country, an investor has to seek credits in India
 "Investors making a beeline for foreign properties must be mindful of rules")
LivQuik seeks approvals from RBI to start foreign remittance services
Future Group payments affiliate LivQuik to launch foreign remittance services at stores
 "LivQuik seeks approvals from RBI to start foreign remittance services")
Rising outward remittances
With foreign travel and studying abroad accounting for the bulk of the remittances by Indians, using a sledgehammer may not work
 "Rising outward remittances")
What's happening to money orders?
Low crude prices have led to a drop in remittances to India from the diaspora in the Gulf region
Zero tax certification for foreign remittances under I-T lens
Income tax seeks explanation from a dozen chartered accountants on issuing TDS certificates
 "Zero tax certification for foreign remittances under I-T lens")
