Remit2India launch 24/7 credit-card remittance services for NRIs in UAE

UAE-based non-resident Indians (NRIs) can now use their locally issued credit card to transfer money to any bank account in India. The new service launched by Remit2India, a global leader in online cross-border remittances, will allow its user to send money back home using their UAE-cards instantly and at any time of the day.

According to World Bank figures, with inward remittances touching US$ 70 billion in 2013 alone, India is the largest recipient of international remittances and the number one source country for outflows to India is the UAE.

“More than 20% of the total remittance to India last year was from the UAE. Non Resident Indians (NRIs) in this country are always on the lookout for speedy, secure and convenient means to remit money to their loved ones back home and we are delighted to launch this new service which will enable them to transfer money to India, anytime and from anywhere,” said Bhairav Trivedi, Chief Executive Officer, Network International.

Since Remit2India services are 100% online, it saves the customer precious time by eliminating the hassles of visiting an agent’s office and standing in long queues. With no paperwork involved, the online remittance service can be accessed 24/7, any time.

If you are among the not-so-internet-savvy, in case you are stuck or have any problem using the service, do not worry. The service has a 24/7 customer support as well and a real-time transaction alerts to ensure you are informed at all point of time.

“Our aim is to provide the customers with a simple, cost-effective and transparent method of sending money home,” added Avijit Nanda, CEO, TimesofMoney. Remit2India is a service offering from TimesofMoney, majority owned by Network International, a leading payment solutions provider in the Middle East.

To use the service you’ll have to register on www.remit2india.com and provide the recipient bank account details. A remittance transfer can be made through entering the UAE card details or bank details and the amount to be transferred. Payment processing is powered by Network International, ensuring the security of the transaction and confidentiality of the customer’s details. Remit2India currently offers NRIs across 23 countries and has a delivery network in India spanning 90 banks.

40% rise in Remittances expected in the state of Kerala

With India expected to hold on to it No. 1 remittance receiving country tag with expected $70 billion in remittance flows according to a recent World Bank report. The southern state of Kerala is expected to rise by 40% to Rs 60,000 crore in 2012, as against Rs 50,000 crore in 2011.

“This shows that slowdown and other crises are no limits when it comes to sending money back home,” S Irudaya Rajan, chair professor, research unit on international migration, Ministry of Overseas Indian Affairs said.

Recent policy measures by the Reserve Bank of India have also given a fillip to the remittance business. After the interest rates on NSE and NRO accounts were deregulated last year, banks looked to shore up low cost deposits through this route, by increasing rates which were controlled. NRE saving deposits mirror domestic saving rates at 4% while interest on NRE term deposits range from 8.5% to 9%.

Remit2India NRI Family Day celebrated in New Delhi with great enthusiasm

 

 

 

 

 

 

 

 

 

 

 

 

Known for its historical and political importance as also for its famous architectural monuments like the Qutub Minar, Humayun’s tomb and the Red Fort, India’s capital witnessed a spectacular evening this Sunday, filled with a wide variety of performances, activities and contests at the NRI Family Day, organized by Remit2India.

Remit2India, that serves over a million NRIs worldwide with its online money transfer service, extended its consumer connect initiative to New Delhi and recently gave 500 of its NRI families and friends a reason to celebrate. The Lalit, New Delhi played host to Remit2India NRI Family Day, an evening that witnessed a mélange of entertainment for each and every one present. From a breathtaking performance by India’s fastest guitarist Apernit Singh, to dance performances by talented international artists, the event had it all. The evening also witnessed activities like no other, and included free health check-ups, face painting, tarot card reading & photo sessions, all of which saw excellent participation from the families.

 

Speaking on this occasion, Kunnal Sharma, Business Head – Global Remittances, TimesofMoney said, “No countrywide celebration is complete without Delhi on its map. And true to its reputation, the city welcomed the NRI Family Day with great enthusiasm. We are delighted with the overwhelming response we received from over 500 NRI families for the Remit2India NRI Family Day. The event has provided us an opportunity to connect with our valuable customers, and thank them and their families for their continued support.”

Key partners for the event included Harit Dharaa, Jet Airways, Leonia Resorts, LIC Housing Finance Ltd., Moolchand Hospital and Volvo.

Remit2India introduces Fortune Offer

The Remit2India Fortune offer introduced this month allows users to avail extra paisa on completed transactions. This offer is valid on  remittances in the following currencies USD / GBP/ AUD and EUR.

The offer slabs are:-

Currency

Transaction Amount

Extra Paise*

USD

50 – 5000

5

GBP

> = 50

15

AUD

> = 50

15

EUR

> = 50

15

This offer is not valid for transaction amount above USD 5000, however there is no upper limit for other currencies. The extra paisa benefit is payable to the beneficiary in INR only

Make the  most of this, offer ends on 4th October 2012

For more information visit bit.ly/fortunepromo

Remit2India The Light of India Awards 2012 comes to your television

Remit2India the pioneer in online money transfer service to India has, over the past 11 years strived to offer its customer a simple, trusted and secure money transfer service.

Today we take pride of having over a million happy customers and strive in making our services better every day.

‘Remit2India The Light of India Awards’, our humble initiative introduced last year to thank the people that have helped shape the image of India around the world, witnessed another stupendous gathering this year. Arguably one of the largest gatherings of eminent Indians abroad under one roof.

Global Indians such as Arun Sarin (ex-CEO Vodafone), Lisa Ray (Model & Actress), Sabeer Bhatia (founder hotmail), Padma Lakshmi (Model, host & actress) and many more graced the occasion with their presence.

Catch them receiving the awards on SONY 18th August 2012 at 6:30 PM (local time) on your television sets.

15th August, 2012 – Celebrating India’s 66th Independence Day.

 

India can boast of its freedom much different than other nations, a freedom won without a war. Saw the birth of a super power, which still in many ways in its infancy.

A day to look back and feel the FREEDOM in the wind, the day the British bid adieu, a day that remind us that much more needs to be done for a majority of the population that lacks basic quality of life.

A proud moment for all and a reminder to the post-Independence born citizens to salute the endless spirit of its nation’s Heros that brought us freedom. With a promise to keep the struggle on to achieve what our leaders dreamt off.

And hope that someday our children value what they have and salute the sacrifice of many that has made this Independence Day possible.

Wishing all a Very Happy 66th Independence Day!

A relief for NRIs: Remittances NOT to be taxed

 

The Central Board of Excise and Customs (CBEC) yesterday issued a clarification saying remittance of foreign currency to India from overseas will not be levied service tax. This surely comes as a relief for NRIs sending money home, as it ends days of speculation on whether their money sent home would be liable for tax.

 

“The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas,” the CBEC circular said. The negative list released earlier had excluded money transactions. The CBEC said, “As the amount of remittance comprises money, the activity does not comprise a ‘service’ and thus not subjected to service tax.”

It added that in case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outsideIndia. “In terms of the Place of Provision of Services Rules, 2012, such services are deemed to be provided outsideIndia and thus not liable to service tax,” CBEC said.

India largest recipient of global and GCC remittances

India is the largest recipient country in terms of both global and GCC remittances, accounting for roughly 50% of money transferred from the Gulf, an exchange company official has said. According to Sudhir Kumar Shetty, the Chief Operating Officer of the UAE Exchange Centre, the sum remitted during 2010 was estimated to be between USD 25-30 billion.Sudhir Kumar Shetty, the Chief Operating Officer of the UAE Exchange Centre, said money remitted by foreign workers in the UAE rose to USD 10.54 billion in 2010 from USD 9.51 billion in 2009, a clear indication that after a protracted downturn and a slump in job market during 2008 and 2009, the country’s economy had returned to a recovery mode.

Shetty said the uptick in the GCC remittance market in comparison to the global figures reflects the resilience of the region in the wake of increased investments in development projects.

“With the exception of construction-related sectors, UAE’s traditional industries, including trade, hospitality and tourism, have shown robust growth to underpin the migrant job market,” he said. Total expatriate workers’ remittances from the GCC rose to USD 63.75 billion in 2010 from USD 60.03 billion in the previous year, up 6.1% compared to an upturn of 2.44% in worldwide remittances that, according the World Bank, reached USD 325 billion from USD 317.23 billion in 2009,” Shetty was quoted by Khaleej Times as saying.

“Global remittance through our exchange grew 8% to USD 5.84 billion in the first four months, while the GCC and the UAE showed growth rates of 7% and two per cent to reach USD 4.1 billion and USD 2.66 billion, respectively, during the same period,” he added.

The UAE Exchange transfers money through a network of 510 branches across 23 countries and accounted for 64% of total worker remittances from the UAE in 2010.

“There has been a steady growth in the volume of remittances through the UAE Exchange from the UAE, the GCC and globally. In 2010, workers from the UAE remitted USD 6.7 billion through our exchange, up 11% from USD 6 billion recorded in 2009,” Shetty said. Total remittances transacted through the UAE Exchange in the GCC rose to USD 11.04 billion from USD 9.4 billion.

According to the World Bank’s Migration and Remittances Factbook 2011, India continued to be the largest recipient of remittances in 2010, with remittances rising from USD 49.6 billion in 2009 to USD 55 billion in 2010.

Source: The Economic Times

India receives $27 bn remittances in first six months of current fiscal

India received remittances to the tune of $27 billion in first six months of the current financial year, retaining its top position in the sector.

Overseas Indian Affairs Minister Vayalar Ravi said as per a World Bank report India continued to be the largest recipient of the remittances from diaspora in 2010. He said India received a total of $53.9 billion as remittances in the year 2009-10 while in 2008-09, the amount was $46.9 billion.

“As per World Bank report, India continues to be the largest recipient of the remittances from diaspora in 2010,” he said replying to a question in Lok Sabha. The World Bank had earlier in a report said Indian expatriates are expected to remit about $55 billion into the country this year.

India is likely to stay as the top receiver of remittances in 2010, as inflows of $51 billion to China keep it a place down while Mexico at third spot is expecting $22.6 billion from its overseas population.

The World Bank in its ‘Migration and Remittances Factbook 2011’ report had said worldwide inflows are expected to reach $440 billion by the year end, with remittances to developing nations likely to reach a record $325 billion from the 2009 figure of $307 billion.

The top remitting countries in 2009 were United States ($48.3 billion), Saudi Arabia ($26 billion) and Switzerland ($19.6 billion).

Remittances remained resilient of external financing during the recent global financial crisis and were steady despite the pangs of financial reconstruction in the developed world, the report had said.

Source:- Economic Times

Uttar Pradesh beats Kerala second year in a row in emigrants race

For many years Kerala dominated the emigrants population for India, this came as no surprise as Kerala has the highest literacy rate amongst other states in India. Uttar Pradesh (UP) on the other side is one of the laggards in the literacy rates, however dominates in population.

The last two years have been unprecedented with UP taking lead in the emigrants race.

The ministry of overseas Indian Affairs states that emigrants for work abroad for UP stood at 1.25 lakh in 2009 vis-a-vis 1.19 lakh from Kerala. And the trend continued in 2010 with UP registering 68,375 emigrants compared with 45,278 from Kerala till June’10*

One may assume the rise in numbers for the state of UP to be due to the abundance availability of manual labourers.

States with similar outlook i.e. Bihar and Rajasthan also seem to be catching up pace in the emigrants race, perhaps for the demand for skilled labourers especially from the middle-east countries.

In the recent World Bank report on remittances, India has been ranked as # 1 remittance receiving country. An increasing number of emigrants every year could keep the number 1 position for India intact.

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