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ST: A unified India for business

ST: A unified India for business As both houses of Parliament convened for a joint session to launch the goods and services tax (GST), with Union finance minister Arun Jaitley’s speech reminiscent of Jawaharlal Nehru’s “India’s tryst with destiny”, India heralded the onset of what is undoubtedly the biggest tax reform in its history. Truly, this is another tryst with ... Read More »

From $651 mn to $2.5 bn in a year: 3-fold surge in spending by Indians on foreign travel

From $651 mn to $2.5 bn in a year: 3-fold surge in spending by Indians on foreign travel INDIAN TRAVELLERS are splurging money abroad, much more than before, according to the latest Reserve Bank of India data on foreign exchange for overseas travel. The data released Tuesday show that Indians spent $2.56 billion in foreign exchange while travelling abroad in ... Read More »

Donald Trump’s rise, fall in oil prices hit foreign job prospects for Indians

Donald Trump’s rise, fall in oil prices hit foreign job prospects for Indians Job opportunities abroad plummeted in 2016, recruitment and remittances data show, projecting an employment crisis brought on by upheaval in the oil economies of Gulf countries and rising protectionism in the West. The year saw a 33% fall in Indians getting jobs in the six Gulf countries ... Read More »

Bank of Baroda lets you remit money to India for free via ATMs

Bank of Baroda lets you remit money to India for free via ATMs Instant and cost-free money transfer service to India at better exchange rates through debit cards “all seven days round the clock” is one of the innovative services customers can avail from the Bank of Baroda even as several exchange houses in the UAE have started to hike ... Read More »

ItzCash partners with Prabhu Money Transfer India for remittance to Nepal

ItzCash partners with Prabhu Money Transfer India for remittance to Nepal Domestic remittance and digital payments company ItzCash has ventured into cross-border remittances through its partnership with Prabhu Money Transfer India, a remittance company in Nepal to enable Nepali diaspora settled in India to remit money back home through ItzCash’s 75,000 agent network spread across more than 3000 locations. With ... Read More »

One of the biggest sources of cash for the world’s poorest countries shrank for a second year in a row

One of the biggest sources of cash for the world’s poorest countries shrank for a second year in a row Foreign aid is nothing compared to the kindness of family. Every year, the biggest transfer of funds from the rich world to developing countries comes in the form of remittances—transfers from foreign workers back to friends and relatives in their ... Read More »

Why India could lose its top spot in remittances to China in 2017

Why India could lose its top spot in remittances to China in 2017 Despite Indians employed overseas in the US in the IT industry keeping their fingers crossed, it seems unlikely that the US government will go back on their efforts to put stricter restrictions on H-1B visas. With the White House briefing last week quoting an official from the ... Read More »

Migration and Development Brief 2016

Migration and Development Brief 2016 India – Top remittance-receiver with $62.7bn inflows: World Bank report India retained the top spot among remittance-receiving countries despite a significant 8.9% drop in remittances in 2016. The World Bank’s Migration and Development Brief stated remittances to developing countries fell for a second consecutive year, a trend not witnessed in three decades. However, India also ... Read More »

New India admission rule stuns expats

New India admission rule stuns expats The Indian government’s decision to abruptly change the criteria for expatriate students seeking admission in engineering and technical colleges back home risks jeopardising many promising futures, teachers and students said. The matter pertains to an amendment to the Direct Admission of Students Abroad (DASA) scheme, which was initiated by India’s Ministry of Human Resource ... Read More »

Remitting money from the UAE? Compare the costs…

Remitting money from the UAE? Compare the costs… UAE’s outward remittances stood at $19 billion (Dh70 billion), among the highest in the world, according to World Bank’s 2016 Migration and Remittances Factbook. Being home to more than 8 million expats, it’s no wonder that the UAE offers more than just a few options when it comes to remitting money. And ... Read More »