Let me start off by sharing, foreign remittance meaning. When you transfer money from one country to another. Eg. when a worker sends his salary to their family members residing in their home countries. Since many people work abroad, countries across the world have created rules and regulations about remittance.
Avail NoBroker’s NRI Property Management Services if You’re an NRI and Wants Help in Renting/Selling/Buying Property in India Pay Your Utility Bills via NoBroker Timely to Enjoy Amazing Rewards! Importance :Now that you have an idea about what is foreign remittance? You should know its importance.
In today’s economy, remittance is a major portion of a nation’s economic growth and it is even a part of India’s measurement for GDP. Due to COVID and the global economic downturn, I believe many people could not go abroad or do their work. This caused an approximate decline of 20% in foreign remittances in the past years.
What is foreign Inward Remittance?When money is transferred from another nation into the home country, it is known as an inward remittance. Eg. money is coming from the US to India. I believe that India, China, Mexico, and the Philippines are a few of the top global countries that get foreign remittances.
What is Foreign outward Remittance?When money is transferred from one's home country to another nation, it is known as outward remittance. Eg. money is going from India to the US. Both inward and outward remittance is tracked by G8 and the World Bank.
This is all from my end on foreign remittance meaning.
Read more :
Can I deposit money in NRI account from India? Who can open NRE account? what is the TDS rate on foreign remittance Documents Required for Foreign Remittance for India
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What is foreign remittance ?
Pushpanjali
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1 Answers
2 Year
2022-08-29T11:38:47+00:00 2022-08-29T11:38:48+00:00Comment
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