Global remittances will see a sharp fall: World Bank
The World Bank has predicted global remittances, the money sent home from people working abroad, will fall by around 20% in 2020 as economic activity grinds to a halt due to the coronavirus pandemic and labour migrants lose wages and access to remittance services.
The Bank, which released a report on the issue today, recommends making remittances cheaper and classifying them as “essential” services to prevent families falli
Remittances likely to plunge 23%: World Bank
Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)
The World Bank has said that remittances to India are likely to drop by 23 per cent from 83 billion US Dollars last year to 64 billion US Dollars this year due to the Coronavirus pandemic, which has resulted in a global recession.
According to a World Bank report on the impact of COVID-19 on migration and remittances, the remittances are projected to decline sharply by about 20 per cent thi
Resident Indians remit record $18.75 bn in FY20
Resident Indians remit record $18.75 bn in FY20; travel, education LRS dominate
Liberalised remittance scheme (LRS)
Under the RBI’s liberalised remittance scheme, resident individuals are allowed to remit up to $250,000 in a financial year under various heads including current account transactions such as going overseas on employment, studies overseas, emigration, maintenance of close relatives, medic