Migration & Remittance

Migration has always been a global phenomenon since ages. People migrate from villages to towns, from towns to cities, from small cities to bigger cities and from one country to another – all in search of better opportunities & a better life. But what is critical to note is that most migrants continue to be connected to their roots – emotionally or financially.

And this presents an opportunity for the ever increasing money transfer industry. An estimated $500 billion moves across countries as pure private remittances. Which means, a value equal to the entire annual GDP of a country like Egypt or Thailand, is generated purely by these cross-border remittances.

And leading the world in inward money transfer, India receives an annual amount of over $55 billion (World Bank Estimate 2010) in personal remittances. The Indian Diaspora is spread all over the world and is considered one of the most affluent ethnic communities in countries like the US, U.K & Australia. Over 22 million Indians are settled abroad and from the US alone, India receives an approximate $20 billion in remittances. This money could be utilised for family maintenance, savings in NRE accounts, charity or for buying property in the booming real-estate market in India.

It’s not surprising given the facts above that, India Money Transfers is a very lucrative segment for banks and other service providers. However, Indian customers have also been price conscious yet, at the same time, quite demanding in terms of the service quality.

This has resulted in the customer witnessing a huge change in the service offered to him over the years. From using offline agents to archaic foreign currency cheques to progressively priced wire-transfers, customers have now migrated to more convenient & cost effective online money transfers. Online money transfers to India is now the fastest growing choice to send money. Apart from some banks offering the service, neutral service providers like Remit2India from the Times Group, is the preferred choice for most NRIs.

NRIs can vote

The Government of India has issued a notification to enable NRIs to exercise their voting rights in India. The move will benefit approximately 11 million NRIs* who have not acquired citizenship of any other country and are living abroad owing to employment, education or otherwise. These NRIs are now eligible to register their names in the electoral rolls in the places of residence mentioned in their passports. However, the NRIs need to be present in their respective constituencies on the polling day in order to exercise their respective voting rights.

The new law overrides the existing set of rules, which states that an NRI’s name will no longer be in the electoral rolls if he or she lives outside India for more than six months at a stretch.

Will this move enable NRIs realize their long standing wish? Click here to share your views

Source: –  * Allnewsheadlines

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