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Fall in outward remittances good news for India's current account


Fall in outward remittances good news for India s current account
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This is the first time annual remittance outflows contracted since 2015 when the Reserve Bank of India (RBI) doubled the annual limit for sending money abroad to $250,000 and allowed more current account transactions under the Liberalised Remittance Scheme (LRS).
Agencies
Total outflows contracted 32% in FY21 as major heads like travel, overseas studies and maintenance of close relatives saw a sharp dip. But outflows under permissible capital account transactions like investment in overseas deposits picked up.
India’s outward remittances fell by as much as $6 billion in FY21 as the pandemic put brakes on ordinary overseas travel and student traffic to campuses abroad, partly contributing to the current account surplus of $24 billion. ....

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Fall in outward remittances good news for India's current account

Fall in outward remittances good news for India's current account
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Kumar Bhanwala , Reserve Bank , Liberalised Remittance Scheme , Harsh Kumar Bhanwala , குமார் பன்வாலா , இருப்பு வங்கி , கடுமையான குமார் பன்வாலா ,

Two of Capital India Finance arms - RapiPay and RemitX - partner for International outward remittance services


Two of Capital India Finance arms - RapiPay and RemitX - partner for International outward remittance services
ANI |
Updated: Mar 16, 2021 13:41 IST
New Delhi [India], March 16 (ANI/NewsVoir): S.K Narvar promoted Capital India Finance Limited (CIFL), a tech-enabled SME Finance player, has announced the partnership of its fintech subsidiary RapiPay and its cross-border remittances business vertical RemitX to provide international outward remittance services to a varied set of customers.
With this development, CIFL has forged an alliance within the group to explore joint synergies by enabling financial technologies to take outward remittances services to India s vast micro-markets and thereby, consolidate its position. CIFL aims to create a digital ecosystem in the financial, payments and banking space to offer its services to customers both in Urban and rural India. ....

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