FOREX remittances Current Affairs

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 remittances to their families.

Top Remittance Receiving Countries: India (USD 62.7 billion), China (USD 61 billion), the Philippines (USD 30 billion) and Pakistan (USD 20 billion).

Around 80% of the remittances across the world are received by 23 countries such as India, China, the Philippines, Mexico and Pakistan.

Top Remittance Sending Countries:  US, Saudi Arabia and Russia. These countries account for almost half of annual flow of remittances.

The study is the first ever study conducted that analysed a 10-year trend in migration and remittance flows over the period 2007-2016.

In the period between 2007 and 2016, India has surpassed China to become the world’s largest receiver of remittances. In 2007, India was at the second spot behind China.

Asia remains the main remittance-receiving region with 55% of the global flows.

The amount of money sent to the families in developing countries have increased by 51% over the past decade. This increase in remittances is expected to lift millions out of poverty and in attaining the Sustainable Development Goals (SDG). 

The report expects that in the year 2017, one of out of every seven people will be involved in either sending or receiving more than USD 450 billion in remittances.

The amount of money sent back home by the migrants’ averages less than 1% of their host’s GDP. In total, these individual remittances account for more than the total foreign direct investment to almost every low-and-middle-income country.

The report has also made recommendations for improving public policies to reduce costs and create opportunities for migrants and their families to use their money more productively.

IFAD

International Fund for Agricultural Development (IFAD) was set up in 1977 as the 13th specialised agency of the United Nations. India is a founder member of IFAD and a key contributor among the member countries.

IFAD works towards removing poverty and hunger in rural areas all over the world, especially in developing countries. Its goal is to empower poor rural men and women in developing countries to achieve higher incomes and improved food security. IFAD is managed by the two main governing bodies i.e. the Governing Council and the Executive Board. The Governing Council is the highest decision-making body of IFAD.

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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 is also supported by SMS alert, which will notify the moment the amount is credited in the bank account of desired customer.

UAE Exchange is a global remittance and foreign exchange (FOREX) company. It serves over 7.9 million customers worldwide and currently has presence in 32 countries with over 750 branches across 32 countries.

Currently, Bank of Baroda (BoB) has a network of more than 5,000 branches across United States, Europe, Africa, Australia and Asia. Its financial centres are located in cities like New York, London, Hong Kong, Singapore and Dubai.

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