US overtakes UAE to become top remittance source for India
The US surpassed the UAE as the top source country, accounting for 23% of total remittances in the financial year 2020-21, finds RBI survey.
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India's current account deficit dips 1.5% to $13.4bn in March quarter
Sequential decline in current account deficit in Q4 FY22 was mainly due to moderation in the trade deficit and lower net outgo of primary income.
Budget 2022: Indians send 10 times more money abroad
There has been 10 times increase in outward remittances under the liberalised remittance scheme in the last 10 years.
Reverse FDI: Indians transferred $68 billion abroad in 5 yrs
Deposits under LRS on course to hit record high of $800 mn in CY21.
Hidden fees of money transfer shot up in pandemic; Indians paid a bomb
Indians paid more than ₹26,300 crore in foreign exchange fees in 2020 — ₹9,700 crore as exchange rate markups on currency conversions, payments and card purchases, while travelling abroad.
