NRIs make a beeline to send remittance back home
PrintListen to this Article
As the Rupee slides to new low against the dollar, NRIs are making a beeline to send the remittances back home. The leading bankers in Dubai say the expatriate Indians are opting for personal loans, cash advances through credit cards and salary advances to remit money back home.
Some have even resorted to mortgaging properties to raise loans and send the money back to India. Some banks have also come out with attractive features like special money transfer rates and discounted charges to India.
While some of the banks have cancelled the inter-banking processing fee, others are offering free online remittances and same day credit for customers having accounts with Indian banks that have tied up with them. They have also become flexible in adjusting the loan interest rates.
The dollar pegged dirham has been around Rs14 since late November and touched an all-time high of Rs14.52 at close on Tuesday. Earlier in the day yesterday rupee had plunged to 53.52 against the dollar for a peak exchange rate of Rs14.70 to the dirham.
Category : International Business | Comments : 0 | Hits : 432
Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar...
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred...
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambig...
Comments