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Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.
India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [ 29 ] [ 30 ] Indians living overseas are the world's largest diaspora. As per the Ministry of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 million members of the Indian diaspora . [ 31 ]
Country Remittances received (USD millions) Remittances as % of GDP Year India 129,100 [3]: 3.3 2024 Mexico 61,100 4.2 2022 Philippines 38,049 9.4 2022 France 33,928 1.2
Indo-Nepal Remittance Facility is a cross-border remittance scheme to transfer funds from India to Nepal, enabled under the NEFT Scheme. The scheme was launched to provide a safe and cost-efficient avenue to migrant Nepalese workers in India to remit money back to their families in Nepal.
Before you can send money, you’ll need to choose which money transfer service you’d like to use. Each offers something different in the way of exchange rates, fees and speed of the transaction. 1.
It will make UPI QR code based payment available in the country and make it easier for Indian diaspora to send their remittance money in a cost effective way. [216] on 16 December 2023, Indian foreign secretary informed that both sides discussed utilizing the UPI stack with the potential corresponding digital stack in the Omani ecosystem. [217]
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