Remittances: South Asia - Revision history

Jyoti at 21:07, 12 October 2023

2023-10-12T21:07:26Z

Jyoti: /* Quantum of remittances */

2020-12-16T13:39:31Z

‎Quantum of remittances

Jyoti: /* Migrant remittances: 2013 */

2018-07-04T23:04:52Z

‎Migrant remittances: 2013

Jyoti: /* Migrant remittances: 2013 */

2018-05-10T09:46:28Z

‎Migrant remittances: 2013

Pdewan: /* 2012= */

2018-05-09T21:05:48Z

‎2012=

Pdewan: /* Quantum of remittances */

2018-05-09T21:04:49Z

‎Quantum of remittances

Pdewan: /* Outward remittances */

2018-05-09T20:44:49Z

‎Outward remittances

Pdewan: /* Outward remittance norms,2015:Overseas house purchases */

2018-05-09T20:43:52Z

‎Outward remittance norms,2015:Overseas house purchases

Pdewan: /* See also */

2018-05-09T20:40:02Z

‎See also

Pdewan at 20:34, 9 May 2018

2018-05-09T20:34:38Z

@@ Line 6: / Line 6: @@
 |}
-[[Category:India |R ]]
-[[Category: Economy-Industry-Resources |R]]
-[[Category: Diaspora |R]]
-[[Category: Bangladesh |R]]
-[[Category: Nepal |R]]
-[[Category: Pakistan |R]]
 =Quantum of remittances=
 ==2012==
@@ Line 20: / Line 20: @@
 [http://epaperbeta.timesofindia.com//index.aspx?eid=31808&dt=20141201&Ar=1# ''The Times of India''] Dec 01 2014
 [[File:2012 Top 25 source countries .jpg|2012: Top 25 source countries |frame|500px]]
@@ Line 62: / Line 63: @@
 See graphic, ' Top remittance recipients in 2018 ($ Bn) '
-[[Category:Bangladesh|R
+==2020==
-REMITTANCES: SOUTH ASIA]]
+[[File: Top countries receiving international remittances, 2020.jpg|Top countries receiving international remittances, 2020 <br/> From: [https://epaper.timesgroup.com/article-share?article=18_09_2023_019_004_cap_TOI  Sep 18, 2023: ''The Times of India'']|frame|500px]]
-[[Category:Diaspora|R
-REMITTANCES: SOUTH ASIA]]
+'''See graphic''':
-[[Category:Economy-Industry-Resources|R
-REMITTANCES: SOUTH ASIA]]
+'' Top countries receiving international remittances, 2020 ''
-[[Category:India|R
-REMITTANCES: SOUTH ASIA]]
-[[Category:Nepal|R
-REMITTANCES: SOUTH ASIA]]
-[[Category:Pakistan|R
-REMITTANCES: SOUTH ASIA]]
-=Remittances: Inward and reverse =
+=Remittances: Inward and reverse=
 [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=When-Indians-lend-a-hand-to-NRIs-03122015017024 ''The Times of India''], Dec 03 2015
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 [[Remittances: South Asia]]

← Older revision		Revision as of 13:39, 16 December 2020
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	''i) Countries most dependent on overseas population; <br/> ii) Top ten remittance receivers in 2017 ''		''i) Countries most dependent on overseas population; <br/> ii) Top ten remittance receivers in 2017 ''
		+
		+	==2018: India, China, Pakistan, Bangladesh==
		+	[[File: Top remittance recipients in 2018 ($ Bn).jpg\|Top remittance recipients in 2018 ($ Bn) <br/> From: [https://epaper.timesgroup.com/olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2019%2F07%2F08&entity=Ar01903&sk=CE31CFEF&mode=image July 8, 2019: ''The Times of India'']\|frame\|500px]]
		+
		+	See graphic, ' Top remittance recipients in 2018 ($ Bn) '
		+
		+	[[Category:Bangladesh\|R
		+	REMITTANCES: SOUTH ASIA]]
		+	[[Category:Diaspora\|R
		+	REMITTANCES: SOUTH ASIA]]
		+	[[Category:Economy-Industry-Resources\|R
		+	REMITTANCES: SOUTH ASIA]]
		+	[[Category:India\|R
		+	REMITTANCES: SOUTH ASIA]]
		+	[[Category:Nepal\|R
		+	REMITTANCES: SOUTH ASIA]]
		+	[[Category:Pakistan\|R
		+	REMITTANCES: SOUTH ASIA]]

	=Remittances: Inward and reverse =		=Remittances: Inward and reverse =

← Older revision		Revision as of 23:04, 4 July 2018
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	''Migrant remittances: South Asia and the world''		''Migrant remittances: South Asia and the world''
		+
		+	==2015-17: a decline in emigration==
		+	[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F07%2F04&entity=Ar02019&sk=509B7E53&mode=text Lubna Kably, Indian workers in Gulf down by half since 2015, July 4, 2018: ''The Times of India'']
		+
		+	[[File: Emigration from India during 2015-17 to GCC countries.jpg\|Emigration from India during 2015-17 to GCC countries <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2018%2F07%2F04&entity=Ar02019&sk=509B7E53&mode=text Lubna Kably, Indian workers in Gulf down by half since 2015, July 4, 2018: ''The Times of India'']\|frame\|500px]]
		+
		+	''UAE Replaces Saudi As Most-Preferred Destination''
		+
		+	The number of emigration clearances granted to Indians headed to the Gulf for employment halved to 3.7 lakh in 2017 from 7.6 lakh in 2015. There has been a steady decline over the past few years and recent immigration policies adopted by Gulf countries are a mixed bag for Indians.
		+
		+	In 2017, the UAE emerged as the preferred destination for Indian workers, with nearly 1.5 lakh emigration clearances. Saudi Arabia relinquished its preferred destination status, with around 78,000 emigration clearances, a 74% drop from around 3 lakh in 2015. The fall in jobs for expats is attributed to both, the Nitaqat scheme, aimed at promoting job opportunities for locals, which was tightened last September, and economic conditions.
		+
		+	According to a recent World Bank report, India continued to be the top recipient of remittances from overseas, which added up to $69 billion in 2017, and roughly 56% of it came from the GCC (Gulf Cooperation Council) countries Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman.
		+
		+	A favourable change in policy is likely to help UAE remain the most preferred destination. The country announced by the end of 2018, it will issue residency visas to global investors or professionals for up to 10 years. Further, temporary visas will be issued to expat workers who have lost jobs to enable them to scout for another job. “The proposal regarding residency visas is a strategic move to attract highly qualified and talented professionals. It is estimated at least 50-60% of key finance positions across GCC countries are held by Indians. With the recent introduction of the VAT regime, the demand for finance and tax professionals is on the rise,” says Piyush Bhandari, managing partner, Intuit Management Consultancy, a cross-border business advisory firm.
		+
		+	While blue-collar Indian workers dominated the labour scene in the GCC states till now, industry watchers say there is now a gradual shift, with more white-collar workers from India also showing interest in the Gulf.
		+
		+	Fragomen, a global firm specialising in immigration laws, says the UAE cabinet has also approved a low-cost insurance scheme to replace the bank guarantee system. “The new scheme may ease monetary burdens for companies employing foreign nationals,” adds Fragomen. On the other hand, Oman extended the suspension of recruitment of foreign nationals in 87 occupations to December 2018.

	==2017==		==2017==

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 ==Migrant remittances: 2013==
-[[File: Migrant remittances South Asia2.jpg| Migrant remittances: South Asia and the world[http://epaperbeta.timesofindia.com/Gallery.aspx?id=18_11_2014_008_022_003&type=P&artUrl=STATOISTICS-LONGING-BELONGING-18112014008022&eid=31808  ''The Times of India''] |frame|500px]]
+[[File: Migrant remittances South Asia2.jpg| Migrant remittances: South Asia and the world; <br/> From: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=18_11_2014_008_022_003&type=P&artUrl=STATOISTICS-LONGING-BELONGING-18112014008022&eid=31808  ''The Times of India''] |frame|500px]]
 =Remittances: Inward and reverse =

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 [[Category: Pakistan |R]]
 =Quantum of remittances=
-==2012===
+==2012==
 ''' BRIDGING THE GULF '''

← Older revision		Revision as of 20:44, 9 May 2018
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−
−	~~=Outward remittances=~~
−
−	~~==The remittance limit: 2015==~~
−
−	~~''' Buying a house overseas easier now '''~~
−
−	~~Mumbai~~
−	~~TIMES NEWS NETWORK [http://epaperbeta.timesofindia.com//Article.aspx?eid=31808&articlexml=Buying-a-house-overseas-easier-now-04022015027025 ''The Times of India''] Feb 04 2015~~
−
−	~~'' RBI Increases Forex Remittance Limit To $250,000Year As Reserves Swell ''~~
−
−	~~[[File: remitances .jpg\|2004-2015: changes in the outward remittance limit \|frame\|500px]]~~
−	Buying a house overseas, which used to be the preserve of the super rich, has now become a lot easier for wealthy Indians with the Reserve Bank of India doubling the foreign exchange remittance limit to $250,000 per individual per year. In other words, a family of four can remit $1 million (equivalent of Rs 6.2 crore) every year to purchase assets overseas.
−	With this move, the rupee has become almost fully convertible for most Indians. The funds remitted overseas can be used for almost any activity barring a few such as speculation in exchanges, funding terror groups or for remittances to Bhutan, Nepal, Mauritius and Pakistan.
−
−	~~According to Bank of India chairperson V R Iyer, the increase in the liberalized remittance scheme to $2.5 lakh reflects the confidence of the regulator in consistency in foreign inflows.~~
−
−	RBI governor Raghuram Rajan said on Tuesday the foreign currency remittance limit was relaxed following a review of the external sector outlook and as a further exer cise in macro prudential management. The central bank also said that it will ask the government to subsume under this limit various remit tances that an individual is allowed under the Foreign Exchange Management Act, which include donations, gift remittances and exchange facilities for those seeking employment overseas and for maintenance of close relatives abroad. Until now, this facility was in addition to remittance limits already available for private travel, business travel, studies, medical treatment, etc as described in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
−
−	An improvement in the country’s foreign exchange re serves has emboldened the RBI to increase the limit. Announcing his policy , Rajan said the following the drop in oil prices the current account deficit has been comfortably financed by net capital inflows, mainly in the form of buoyant portfolio flows and supported by foreign direct investment inflows and external commercial borrowings.
−
−	“Accordingly, there was accretion to India’s foreign exchange reserves to the tune of $6.8 billion in Q3,” said Rajan. The sensex fell 122 points on Tuesday to close at 29,000 because of RBI’s decision to maintain status quo on rates and a sell-off in PSu banks due to worsening asset quality. FII selling added to the slide, dealers said.
−
−	The day’s session started on a better note with the index opening about 100 points higher. After the RBI said that it was keeping the key policy rates unchanged due to lack of data since its last rate cut, the index started giving up gains and at one point was down over 200 points.
−
−	~~In volatile trades, finally the index closed 0.4% lower with banking and financial services sector stocks among the top laggards.~~
−
−	While FIIs were net sellers in the stock market, in the debt segment they got more freedom to invest in the government securities market. In its policy, RBI allowed foreign investors to plough back their interest earnings from gilts into the same instrument, in effect increasing their exposure limit in government securities.
−
−	With the current FII gilt limit at $30 billion, at the current gilt yield, foreign investors can invest an additional $2.5 billion in gilts next year, bond dealers pointed out. This will also help in government’s debt auction by channelizing more funds into the gilt market, they said.

	=Remittances: Inward and reverse =		=Remittances: Inward and reverse =

← Older revision		Revision as of 20:43, 9 May 2018
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−
−	~~=Outward remittance norms,2015:Overseas house purchases=~~
−	~~[http://epaperbeta.timesofindia.com//Article.aspx?eid=31808&articlexml=RBIs-new-remittance-norm-No-tax-breaks-may-05022015024074 ''The Times of India'']~~
−
−	~~Feb 05 2015~~
−
−	~~''' RBI's new remittance norm: No tax breaks may hit overseas home buys '''~~
−
−	~~Lubna Kably~~
−
−	The Reserve Bank of India's (RBI's) recent move, which doubled overseas remittances for individuals up to $2,50,000 (Rs 1.5 crore) per individual per year, may tempt many to buy property overseas. Today , property prices in Dubai and some areas in the United States are attractive for Indian investors.A cursory glance at a few international property portals shows that a one-bedroom house in Dubai costs upwards of 9,50,000 UAE dirhams, or Rs 1.5 crore approximately . In Boston, USA, a similar-sized flat is available for $1,50,000 (upwards of Rs 90 lakh). These prices fall well within the now enhanced permissible remittance figures.
−	However, tax professionals caution that buyers who wish to sell their house property or other assets in India (for instance, a shop or even jewellery) and reinvest the long-term capital gains in a residential property overseas should note that tax exemptions are no longer available for such reinvestments.
−
−	Sections 54 and 54F, which earlier permitted investors to claim a capital gains tax exemption even if the reinvestment was in a house property overseas, was amended by last year's Budget -effective from April 1, 2014.
−
−	Prior to this amendment, section 54 provided that, where capital gains arise from the transfer of a residential house (held for three years or more) and the tax payer reinvests the capital gains in a new residential house whether by way of purchase or construction within a certain period, the capital gains to the extent re-invested would be exempt.
−
−	~~Section 54F provided for similar exemptions for long term capital gains arising on sale of assets other than a residential property .~~
−
−	Thus, earlier, there was no explicit bar on capital gains being denied if the capital gains were re-invested in a residential house overseas. “Even tax tribunals had upheld the tax benefits in cases where re-investments were made in a house overseas. For instance, in the case of Vinay Mishra, a tax payer who had reinvested in a house property in Singapore, the Bangalore tax tribunal had held that the claim under section 54 could not be rejected. It had also added that the tax payer had not violated the law by purchasing the new house in Singapore utilizing the consideration on sale of his residential house in India. Subsequently, the Chennai tax tribunal also took a similar view. However, the amendment to the tax law by the Finance Act, 2014, has overturned these decisions,“ explains Sonu Iyer, tax partner at EY.
−
−	The Finance Bill, 2014 (providing for tax provisions applicable for the financial year April 1, 2014 to March 31, 2015) was tabled in the Parliament on July 10, 2014. As of this date, RBI's liberalized remittance scheme prohibited individuals from remitting money overseas for purchase of property .Thus, the amendment in the Income Tax Act of prohibiting capital gains exemption on reinvestment in a house property overseas had little or no adverse impact.
−
−	“With the RBI now doubling the remittance figure, and overseas property proving to be attractive, investors are hoping for a tax break. The forthcoming Budget should consider this issue and re-introduce tax breaks on reinvestment in a house property overseas,“ says Naushad Panjwani, senior executive director, Knight Frank India.

	=Outward remittances=		=Outward remittances=

← Older revision		Revision as of 20:40, 9 May 2018
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	[[Migration: South Asia]]		[[Migration: South Asia]]
		+
		+	[[Remittances, outbound: India]]
		+
		+	[[Remittances, inward: India]]

	[[Remittances: South Asia]]		[[Remittances: South Asia]]