Stay updated with the latest remittance news, articles, and insights from trusted sources. Explore in-depth coverage and expert analysis on remittance topics.
Mumbai: India's current account reversed to a deficit in the April-June quarter on the back of a higher merchandise trade deficit, the Reserve Bank of India said in a statement on Monday. The current account deficit (CAD) stood at $2.4 billion, or 0.2 per cent of GDP, in the first quarter of the fiscal year 2025-26, compared with a surplus of $13.5 billion, or 1.3 per cent of GDP, in the preceding quarter. CAD is a measurement of a country's trade where the value of the goods and services it im ...Read More >
Mumbai: The Enforcement Directorate (ED) has frozen funds worth around Rs 110 crore in multiple bank accounts during searches at 17 locations across eight cities, including Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur, and Hyderabad. This was part of its money laundering probe into the Cyprus-based illegal online betting platform Parimatch. The searches, conducted on August 12 under the Prevention of Money Laundering Act (PMLA), 2002, are linked to an ongoing investigation into the plat ...Read More >
The Enforcement Directorate conducted multi-state searches across 15 locations, including Mumbai and Delhi-NCR, as part of a money laundering investigation. This probe targets the Parimatch betting app, accused of defrauding users of approximately Rs 2,000 crore. The funds were allegedly laundered through mule accounts, payment aggregators, crypto wallets, and ATM withdrawals. The Enforcement Directorate (ED) on Tuesday conducted multi-state searches as part of a money laundering investigation ...Read More >
New Delhi, Aug 14 (PTI) Funds worth Rs 110 crore kept in mule bank accounts have been frozen and 1,200 mule credit cards were seized following recent searches against the Indian operations of a Cyprus-based "illegal" online betting platform named Parimatch, the Enforcement Directorate said on Thursday. Parimatch app, as per the federal probe agency, gained visibility in the country through "aggressive" marketing, including sponsorship of sports tournaments and partnerships with well-known celeb ...Read More >
What began as a simple idea to make digital payments easier for Indian businesses has now become a story of global recognition. Razorpay, the Indian fintech unicorn, has been featured in the 2025 list of the World's Top Fintech Companies by CNBC and Statista, a feat that places it in the league of global fintech innovators. It's a prestigious nod, considering the final list was curated after evaluating thousands of fintech companies across the world on over 40 performance indicators. These incl ...Read More >
Kolkata, August 3: The money trail of the deposits accumulated in the two bank accounts of Santa Paul, the arrested Bangladeshi model from Kolkata, is currently under the scanner of the Kolkata Police. Sources said the investigating officials are also thoroughly examining the inward and outward remittances from these bank accounts to find out whether fictitious transactions were made through them. At the same time, city police insiders said, the investigating officials are also probing the sour ...Read More >
New Delhi [India], July 20 (ANI): India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund titled Growing Retail Digital Payments: The Value of Interoperability. At the heart of this transformation is the Unified Payments Interface, better known as UPI. Launched in 2016 by the National Payments Corporation of India, UPI has changed how people send and receive money in the country. It brings all your bank accounts together in one mob ...Read More >
New Delhi, July 19 (SocialNews.XYZ) Firing fresh salvo at Anil Agarwal-run Vedanta Group, US short-seller firm Viceroy Research said in its latest report that Vedanta Semiconductors is a 'sham' commodities trading operation designed to improperly avoid classification as a non-banking financial company (NBFC). According to Viceroy, "We believe that Vedanta Limited (VEDL) subsidiary, Vedanta Semiconductors Private Limited (VSPL), is a sham commodities trading operation designed to improperly avoi ...Read More >
Investing.com -- Shares of Wise (LON:WISEa) fell sharply on Thursday after the company's fiscal first-quarter results came in below expectations, weighed down by increased currency market volatility. The fintech firm posted underlying income of £362 million ($485 million) for the three months ending in June, falling short of the £372 million average estimate from analysts surveyed by Bloomberg. Despite the miss, Wise reaffirmed its full-year outlook, maintaining guidance for up to 20% growth ...Read More >
LUCKNOW: Seven days after registering a money laundering case, the Enforcement Directorate (ED), on Thursday, launched searches at 14 locations connected to Jalaluddin alias Chhangur Baba, the alleged mastermind of a massive illegal religious conversion syndicate in Uttar Pradesh. According to official sources, the ED carried out searches at 12 premises in Utraula area of Balrampur district in central UP and at two locations in Mumbai. The searches began as early as 5 am on Thursday. The prob ...Read More >
Kolkata, Jul 17 (PTI) Ratings firm CRISIL said that India's goods exports are likely to face some headwinds in fiscal 2026, as reciprocal tariffs imposed by the US are seen to aggravate this. With the tariff hikes expected to come into effect from August, India and the US are negotiating on a bilateral trade agreement and a key monitorable, the report said. The World Trade Organisation forecasts a 0.2 per cent decline in the volume of merchandise trade in 2025 compared to 2.9 per cent in 2024. ...Read More >
A young woman named Oleti Pushpa (22) was killed by her live-in partner Sheikh Shamma (22) in the Ambedkar Konaseema region of Andhra Pradesh, reported India Today. She was living with Sheikh for the past 6 months after she separated from her spouse. The incident took place in Siddhartha Nagar, B Savaram village of Rajolu mandal on 16th July. Shamma reportedly accused Pushpa of having affairs with other men. He forced her to engage in prostitution and frequently instigated fights with her when ...Read More >
In recent weeks and months, several Bengali migrant workers on suspicion of being illegal Bangladeshi nationals have been detained, and some of them pushed into Bangladesh. Flagging the detention and deportation of migrant workers from West Bengal during drives against illegal Bangladeshi nationals in several states of the country, senior Congress leader Adhir Ranjan Chowdhury on Sunday urged President Droupadi Murmu to intervene. In a letter to the President, the former Congress MP wrote: "It ...Read More >
New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 pe ...Read More >
New Delhi: India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly twice the pace of tax collections, sources from the Ministry of Finance told ANI. The data highlights significant gains in administrative efficiency. Between FY 2013-14 and FY 2024-25, refunds issued to taxpayers surged by 474%, rising from ₹83,008 crore to ₹4,76,743 crore. This increase far outpaces the 274% growth in gross direct tax collections during th ...Read More >
Lucknow: The Enforcement Directorate (ED) on Thursday registered a money laundering case against Jamaluddin alias Chhangur Baba, the alleged mastermind of an illegal religious conversion syndicate in the state. ED is now preparing to take him into custody.The probe stems from suspected foreign remittances exceeding Rs 100 crore into around 40 bank accounts linked to the accused and his associates.ED has sought the details of income tax returns of all 40 entities of Chhangur Baba in the last 10 y ...Read More >
New Delhi: The digital storefronts we scroll through every day now carry a dark undercurrent. A new report by the Financial Action Task Force (FATF) has laid bare how terrorists are exploiting online platforms - from Amazon to PayPal - to fund violence in India. The global anti-terror watchdog has cited evidence from two major cases - the 2019 Pulwama suicide bombing and the 2022 Gorakhnath Temple attack. According to the FATF report, the aluminum powder used in the deadly Pulwama blast, which ...Read More >
Bengaluru: The investigation by the Directorate of Enforcement (ED) into the sensational gold smuggling case has revealed that Kannada actress Ranya Rao has played an active role in global smuggling syndicate. The probe further revealed that the role of public servants in assisting her at the Bengaluru International Airport airport has also come out in open and their roles are under scrutiny. The ED has issued a detailed press statement in this regard on Friday. The ED stated: "Ranya Rao's inv ...Read More >
BENGALURU: The Headquarter Investigative Unit-II of Directorate of Enforcement (ED) in New Delhi has provisionally attached immovable properties of Rs 34.12 crore under the Prevention of Money Laundering Act (PMLA), in a case related to the transnational gold smuggling and laundering of its proceeds by the popular Kannada actress Harshavardini Ranya alias Ranya Rao and her associates. The ED has provisionally attached four properties of equivalent value belonging to Rao. These include a residen ...Read More >
New Delhi [India], July 4 (ANI): The Enforcement Directorate (ED) has attached immovable properties worth Rs 34.12 crore in connection with a case of transnational gold smuggling and money laundering in a case linked to actress Harshavardini Ranya, alias Ranya Rao and her associates. https://x.com/ANI/status/1941152259410170126 As per the ED, the attached assets include properties located in the Bengaluru and Tumkur districts of Karnataka. The action was taken under the provisions of the Preve ...Read More >
New Delhi [India], July 4 (ANI): The Enforcement Directorate (ED) has attached immovable properties worth Rs 34.12 crore in connection with a case of transnational gold smuggling and money laundering in a case linked to actress Harshavardini Ranya, alias Ranya Rao and her associates. https://x.com/ANI/status/1941152259410170126 As per the ED, the attached assets include properties located in the Bengaluru and Tumkur districts of Karnataka. The action was taken under the provisions of the Preve ...Read More >
Mumbai: India's foreign exchange reserves once again crossed the $700 billion mark, reaching $702.78 billion for the week ending June 27, according to data released by the Reserve Bank of India (RBI) on Friday. This marks a significant rise of $4.8 billion from the previous week, when reserves stood at $697.93 billion. This is the first time in nine months that India's forex reserves have gone above the $700 billion level. The reserves had last touched an all-time high of $704.88 billion in en ...Read More >
Shimla, Jul 3 (PTI) Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Thursday directed the Labour and Employment Department to develop a dedicated website and mobile application to empower youths seeking employment opportunities abroad. The digital platform will compile comprehensive data of aspirants, ensuring better transparency, accessibility, and protection while securing overseas jobs, he said and also instructed the department to develop a database of NRIs from the state. Also R ...Read More >
Shimla, Jul 3 (PTI) Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Thursday directed the Labour and Employment Department to develop a dedicated website and mobile application to empower youths seeking employment opportunities abroad. The digital platform will compile comprehensive data of aspirants, ensuring better transparency, accessibility, and protection while securing overseas jobs, he said and also instructed the department to develop a database of NRIs from the state. He ins ...Read More >
Srinagar, Jul 3 (PTI) The annual Amarnath Yatra began on Thursday with the first batches of pilgrims setting off from the twin base camps in Baltal and Nunwan towards the 3880-metre-high cave shrine in the south Kashmir Himalayas, which houses a naturally formed ice-lingam, officials said. The yatra started early morning from the twin tracks -- the traditional 48-km Nunwan-Pahalgam route and the 14-km Baltal route. The batches of pilgrims, including men, women and sadhus, left from the Nunwan ...Read More >
India's balance of payments (BoP) recorded a $13.5 billion current account surplus in the fourth quarter of fiscal year 2025 (Q4FY25), equivalent to 1.3 per cent of GDP. This surplus, driven by robust services exports and remittances, paints a picture of external sector strength. However, it conceals significant vulnerabilities in merchandise trade, capital inflows, and domestic demand. In fiscal year 2025 (FY25), the current account deficit (CAD) moderated to -0.6 per cent of GDP, an unusual o ...Read More >
Mumbai, July 1 (SocialNews.XYZ) The remittances sent back home by Indians working abroad have registered a 14 per cent rise in the financial year 2024-25 to a record $135.46 billion, according to data compiled by the RBI. The RBI said the inflows, classified under "private transfers", accounted for more than 10 per cent of India's gross current account flows of $1 trillion in FY25. Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $33.9 billion i ...Read More >
New Delhi, June 30 (SocialNews.XYZ) The Supreme Court on Monday refused to entertain a plea fled by former IPL head Lalit Modi seeking a direction to the BCCI (Board of Control for Cricket in India) to pay a penalty of Rs 10.65 crore imposed on him for alleged violation of the Foreign Exchange Management Act (FEMA). A Bench of Justices P.S. Narasimha and R. Mahadevan declined to interfere with a decision of the Bombay High Court turning down his writ petition seeking a direction to the BCCI to ...Read More >
New Delhi: The Supreme Court Monday dismissed a petition filed by former IPL commissioner Lalit Modi, who had sought a direction for the BCCI to indemnify him for a Rs 10.65 crore penalty imposed under the Foreign Exchange Management Act (FEMA). The court declined to entertain the plea, effectively leaving Modi liable for the payment. A Bench of Justices PS Narasimha and R Mahadevan declined to interfere with a decision of the Bombay High Court turning down his writ petition seeking a direction ...Read More >
New Delhi: Indian expats in the U.S. may soon get some relief on money transfers back home. The final draft of the 'One Big Beautiful Bill Act', backed by former President Donald Trump, now proposes slashing the remittance tax to just 1 per cent. This is a major reduction from earlier versions which suggested a 5 per cent levy, later brought down to 3.5 per cent in the House proposal. The revised proposal is expected to benefit around 2.9 million Indians living in the U.S. -- the second-largest ...Read More >
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