Remittance
is the transfer of money by an individual who resides in a foreign country to
her or his home country. For many developing countries such as India, Pakistan
and Bangladesh, remittance money constitutes an extensive amount of financial
inflow. Money remitted from a developed country to a developing country is used
for the economic growth of the latter. In its biggest objective, remittance
money leads to greater financial inclusion that means it becomes a global
economy instead of sustainable local economy.
In the past
some years, India has overtaken other countries of the world in the receipt of
remittances. India collects approximately 28 billion US dollars annually in the
form of remittance. Therefore, India leads as a benefactor of the new
globalised economy. Indians are heading abroad for the opportunities provided
by the First World, in terms of education, lifestyle and employment. People send money to India to cater the needs
of their loved ones. A majority of the people at the receiving end of the remittance
money in India belong to the subordinate sections of the society. This funds
transfer from a developed country to the poorer people of an under developing
country helps to create a more inclusive economic system.
There are
many remittance transfer services that are used in the world, but these days,
online remittance service is gaining
popularity relevance in India. It means the transfer of money through a banking
website such as Citilink Finance. The outstanding feature of online money transfer is that it is
instantaneous. Quick and superior services make it the first choice of a lot of
people who want to transfer their money to their family and friends.
No comments:
Post a Comment