look news india
Remittances to India from abroad may become cheaper in future as the Indian proposal to reduce customs duty on remittances has received support from more than 70 countries in the WTO. The countries supporting India include the names of many countries including UK, UK and Australia.
What was India's proposal?
A proposal was given by India to the World Trade Organization (WTO) to make money transactions between countries cheaper, faster and easier. It also talked about interoperability and interlinking of payment systems.
Target to reduce remittance cost by 3 percent
Regarding the proposal, government officials said that it aims to reduce the cost of remittance by 3 percent. At present it is 6.18 percent. Under this proposal, the existing remittance infrastructure will be reviewed. This will be of great help to those countries where a large number of people work abroad and send money back home. The name of India is also included in this.
America did not support
This proposal has received the support of many major developed and developing countries of the world. Countries like UK, UAE, Australia, Indonesia, Philippines and South Africa have also supported this.
There will be savings of 127 billion dollars
According to the report, if this proposal is implemented, it will directly reduce the cost of trade in services by 10 percent for lower middle income economies and 14 percent for upper middle income economies.