nature of remittance of money
Answers
Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. ... As per the Ministry of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 million members of the Indian diaspora.
Explanation:
Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.[1][2] Remittances to India stood at US$68.968 billion in 2017 and remittances from India to other countries totalled US$5.710 billion, for a net inflow of US$63.258 billion in 2017.[3][4][5]