RBI tightens norms for LRS by making quoting of Permanent Account Number (PAN) mandatory even for transactions below $25,000

On June 19, the Reserve Bank of India (RBI) has tightened norms for Liberalised Remittance Scheme (LRS) by making quoting of the Permanent Account Number (PAN) mandatory even for transactions below $25,000. Under the LRS, all resident individuals, including minors, ..

India becomes largest remittance-receiving country in world in 2017

According to the report ‘RemitSCOPE – Remittance markets and opportunities – Asia and the Pacific’, India has become the largest remittance-receiving country in the world in 2017, with migrant workers from the country sending home 69 billion US dollars. The ..

India highest recipient of remittances in 2017

As per World Bank (WB)’s latest report “Migration and Development Brief”, India is the highest recipient of remittances globally in 2017 with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and ..

Month: Current Affairs - April, 2018

Axis Bank ties up with Ahli United Bank for remittance

Axis bank, the 3rd largest private sector lender tied up with Bahrain’s Ahli United Bank for inward remittances. What does this tie up would bring in for customers of Ahli United Bank? Any person having an a/c with Bahrain’s Ahli ..

Month: Current Affairs - May, 2012

Current Affairs : India World Business July 27, 2009

July 27, 2009: India’s projected online populationJuly 27, 2009 : Maximum Tourists come from US July 24, 2009: India is number 1 in remittance flow: World BankJuly 24, 2009 : Number of hungry people to swell to record 1 billion ..

Month: Current Affairs - July, 2009