Friday, November 14, 2014

#India pushes for low remittance cost at #G20Summit

Indians send maximum money back to their country. India is the single largest recipient of non-resident remittances. NRIs remit close to $70 billion each year.

Remittances and flow of funds from migrant workers to their home countries have become a major source of resources in developing and emerging economies.The cost of remittances, at times, is as high as 10 per cent.
India is pushing for some understanding in the G20 that the cost should not be more than 5 per cent.So far, India has been able to convince Saudi Arabia to reduce it to 3.5 per cent.
India’s remittances have grown each year especially over the past decade.From $55 billion in 2010-11 to over $71 billion in 2013-14, according to the World Bank. Last year, India overtook China at the top of the list of nations receiving remittances.