FOREX remittances Current Affairs, GK & News

India: 4th largest Forex Reserves holder

India’s forex reserves crossed $600 mark for the first time and as on June 4, it stood at $605 billion. With this, India equals Russia as the fourth largest reserve holder worldwide. Highlights India’s forex reserve was $605.008 billion while for Russia it was $605.2 billion. It took a year for reserves to rise by ..

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UN Report: India is Top Remittance Receiving Country

According to the ‘One Family at a Time’ study conducted by the UN International Fund for Agricultural Development (IFAD), Indians working across the world had sent home USD 62.7 billion in 2016 making India the top remittance-receiving country surpassing China. Salient Highlights Around 200 million migrants across the world have sent more than USD 445 million in 2016 as ..

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Bank of Baroda ties up with UAE Exchange for instant money transfer

Leading Indian public sector bank Bank of Baroda (BoB) has partnered with UAE Exchange to offer Non-resident Indian (NRI) customers an instant cash transfer facility. In this regard agreement was signed between both parties. This agreement will facilitate customers can send money within minutes to their desired bank accounts in BoB in India. This facility ..

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RBI Doubles the FOREX Remittance Limit under Liberalised Remittance Scheme (LRS)

The Reserve Bank of India (RBI) in its monetary policy review has enhanced the limit for foreign exchange (FOREX) remittances under Liberalised Remittance Scheme (LRS) to $250,000 (Rs. 1.5 crore) per person per year. This limit was doubled compared to earlier limit of $125,000 per person per year. Under the LRS, Indians can open, maintain ..

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