Remittance

Speaking about the eRupee CBDC, RBI Governer Shaktikanta Das emphasised that it plays a key role in India's "world-class digital public infrastructure" (DPI), which has enabled the creation of various digital financial products. He highlighted that developing protocols like the eRupee is essential for enabling real-time, cost-effective cross-border...

Bolivia is aiming to balance its economy, which is presently far from being in a state of flourish. While no cryptocurrency is being seen as a legal tender in Bolivia yet, allowing crypto transactions could fetch the nation more in remittances since cross border crypto transactions are instant and almost free.

India received $120 billion in remittances in 2023, almost twice the $66 billion received by Mexico in the same period, the World Bank said in a report released on Wednesday.

India received over USD 111 billion in remittances in 2022, setting a world record for getting the largest remittances ever recorded, becoming the first country to surpass the USD 100 billion mark, the United Nations migration agency has said.

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.

Reserve Bank Deputy Governor T Rabi Sankar on Friday said the high cost of remittances for countries despite the available technology was "unconscionable", and India is in talks with more jurisdictions to make a material impact on cross-border

Due to a lack of attention to these two big inflows, Pakistan lost considerably more than it received from IMF borrowings and inflows from other sources.

While credit card spends overseas will not attract tax collected at source now as such transactions have been kept outside the liberalised remittance scheme, any international transaction conducted from India will attract the levy.

The government on Wednesday said overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and hence, would not attract TCS.

The Enforcement Directorate (ED) on Wednesday said it detected illegal foreign remittances of about Rs 4,000 crore after it carried out multi-state raids against foreign-registered online gaming websites and companies.

The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

The Finance Ministry has published an FAQ on its announcement that international credit card payments will come under the RBI's liberalised remittance scheme, or LRS.

Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank.

Data from the Salvadoran Central Reserve Bank (BCR) has revealed that BTC-based remittances have slipped by 17.8 percent around January and February this year. In the first two month of 2022, El Salvador had bagged $19.45 million (roughly Rs. 160 crore) in remittances received as Bitcoin tokens. Whereas this year, during the same months, the amount...

Speaking about the eRupee CBDC, RBI Governer Shaktikanta Das emphasised that it plays a key role in India's "world-class digital public infrastructure" (DPI), which has enabled the creation of various digital financial products. He highlighted that developing protocols like the eRupee is essential for enabling real-time, cost-effective cross-border...

Bolivia is aiming to balance its economy, which is presently far from being in a state of flourish. While no cryptocurrency is being seen as a legal tender in Bolivia yet, allowing crypto transactions could fetch the nation more in remittances since cross border crypto transactions are instant and almost free.

India received $120 billion in remittances in 2023, almost twice the $66 billion received by Mexico in the same period, the World Bank said in a report released on Wednesday.

India received over USD 111 billion in remittances in 2022, setting a world record for getting the largest remittances ever recorded, becoming the first country to surpass the USD 100 billion mark, the United Nations migration agency has said.

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.

Reserve Bank Deputy Governor T Rabi Sankar on Friday said the high cost of remittances for countries despite the available technology was "unconscionable", and India is in talks with more jurisdictions to make a material impact on cross-border

Due to a lack of attention to these two big inflows, Pakistan lost considerably more than it received from IMF borrowings and inflows from other sources.

While credit card spends overseas will not attract tax collected at source now as such transactions have been kept outside the liberalised remittance scheme, any international transaction conducted from India will attract the levy.

The government on Wednesday said overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and hence, would not attract TCS.

The Enforcement Directorate (ED) on Wednesday said it detected illegal foreign remittances of about Rs 4,000 crore after it carried out multi-state raids against foreign-registered online gaming websites and companies.

The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

The Finance Ministry has published an FAQ on its announcement that international credit card payments will come under the RBI's liberalised remittance scheme, or LRS.

Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank.

Data from the Salvadoran Central Reserve Bank (BCR) has revealed that BTC-based remittances have slipped by 17.8 percent around January and February this year. In the first two month of 2022, El Salvador had bagged $19.45 million (roughly Rs. 160 crore) in remittances received as Bitcoin tokens. Whereas this year, during the same months, the amount...