NRI send money to India is the highest remittance in the world to a country. Remittances to low and middle-income countries (LMICs) are expected to drop by 7% in 2020, to $508 billion, and then by another 7.5 percent in 2021, to $470 billion. Slow economic growth and job levels in migrant-hosting countries, low oil prices, and weakening of remittance-source countries’ currencies against the US dollar are the main factors driving the decline in remittances.
Even with the projected decrease, the value of remittances as a source of external financing for LMICs is expected to increase in 2020. In 2019, remittances to LMICs reached a new high of $548 billion, surpassing all foreign direct investment ($534 billion) and overseas development assistance ($166 billion). The difference between remittance flows and Foreign direct investment is expected to expand even further as FDI is expected to fall even more.
Last year, its large diaspora helped it retain its status, with migrant’s money transfer to India was £79 billion. Flooding in Kerala, according to the World Bank, contributed to some of the 14 percent increase, causing migrants to send more financial assistance to their families. China, which has a large diaspora, ranks second on the list with $67 billion. Mexico rounded out the top three with $36 billion.
What Are The Tax Relaxations For NRI To Sell Property in India?
You, like many other NRIs, may have made real estate investments in India during the property boom. You’ve received a decent offer and have decided to sell it. Your tax burden is one of the most important factors to remember. When an NRI sells land, the buyer must deduct TDS at a rate of 20%. A TDS of 30% will be applied if the property is sold within two years of purchase (reduced from the date of purchase).
The buyer’s TDS should be deposited via Form number or challan for TDS payment within a week of the 7th of the following month in which the TDS is discounted. TDS may be deposited in banks that are authorised to collect Direct Taxes by the Indian government or the Income Tax Department. The buyer is responsible for the deposit.
What Are The Best Options T Submit Tax Return Payment From Abroad?
Before the digitalization of the finance system, banks were considered the only option for all type of payment transfers. But now, through the internet, you can handle all your finance system from any corner of the world. A considerable number of NRI send money to India online for investment and fulfilment of family needs.
Are you looking for a secure money transfer method to transfer your tax payment for property sale or purchase? ACE money transfer is the customer’s recommended #1 service for online money transfer to India and elsewhere. ACE provides fee-free money transfer service with high exchange rates in 100+ countries of the world.