MUMBAI: The tax collection at source on external remittances made from India appears to have had a dampening impact on Indians‘ spending abroad. Total spending by Indians on external remittances in June 2024 dipped 44% to $2.2 billion compared to $3.9 billion in the year-ago period. It is also 8% lower than the $2.4 billion…
India crosses the $100 billion mark in remittances! In the fiscal year 2019-20, which was an election year, India received remittances amounting to $83.2 billion. However, in the following year, 2020-21, the remittances slowed down to $80.2 billion, possibly due to the impact of the COVID pandemic. In the years 2014-15 and 2015-16, India received…
MUMBAI: India is the origin of the largest number of international migrants – around 18 million, with large diasporas living in UAE, US and Saudi Arabia. It continued its march as the top country receiving remittances, but 2022 was spectacular with the figure crossing the $100 mark.According to the World Migration Report, 2024, released in…
