Rupee falls to a four-year low as rising oil prices increase remittance value.
This change has led to an increase in the value of remittance payments, with every Dh10,000 now being exchanged for significantly more rupees than in recent weeks. Oil shock causes currency collapse The rupee’s depreciation highlights rising pressure on India’s external economy, plummeting to a record low of over 93 against the US dollar. It […]
Bill by Senator Bernie Moreno prohibits remittance transfers for public assistance.
New Bill Targets Remittances for Welfare Recipients A new legislative proposal introduced in the Senate by Sen. Bernie Moreno, a Republican from Ohio, aims to place restrictions on welfare recipients sending money overseas. This bill is designed to ensure that taxpayer-funded benefits are utilized within the United States rather than being transferred abroad. Named the […]
‘No remittance tax if you pay by…’: Ways for NRIs to sidestep new US fee
A recent tweet on X (formerly Twitter) ignited extensive discussions among Indian expatriates, as users brought attention to an important update regarding the US remittance tax. This straightforward message resonated with many NRIs by revealing a significant exemption within the contentious remittance tax proposal currently under review in the US Senate. The tweet highlights the […]
New remittance tax in ‘a significant, comprehensive package’ will greatly affect immigration
The Senate’s proposal, dubbed “One Big Beautiful Bill,” plans to implement a small tax on international cash transfers, referred to as a remittance tax. This could significantly affect immigrants working in the U.S., according to experts. Remittances typically involve migrant workers sending money back to families in their native countries, and millions flow out of […]
Positive news for NRIs as US Senate draft of Trump’s ‘One Big Beautiful Bill’ lowers remittance fees
Changes to US Remittance Tax for NRIs Non-resident Indians (NRIs) have a reason to celebrate with the recently proposed “One Big Beautiful Bill Act,” which suggests a significant reduction in the remittance tax to just 1%. Initially, the bill indicated a 5% tax, which was cut down to 3.5% by the House, and now the […]
Dollar remittance rate decreases due to low demand and robust export growth
The exchange rate for remittance dollars seems to be on the decline. This is largely attributed to a decrease in demand from banks, which is linked to better liquidity, fewer overdue import payments, and steady growth in exports. Several bank treasury officials noted that banks purchased about TK0.5-0.7 on Thursday, suggesting an influx of remittances. […]
Stephen Moore: Congress Should Reject a Remittance Tax
Tax Bill Overview The recently passed tax bill is considered a significant win for the economy. It continues the tax cuts initiated during Trump’s administration, amounting to a staggering $4 trillion tax reduction set to take effect next year. Key features include expanding health savings accounts, promoting business investment in key areas like capital and […]
End of Biden’s ‘Humanitarian Parole’ Border Loophole Will Cut Remittance ‘Lifeline’
The upcoming end of the Biden-era Humanitarian Parole program will affect remittances sent to Nicaragua. Lapresa It has been reported Monday. The “Humanitarian Parole” program was an initiative implemented in 2023 by the administration of former US President Joe Biden, where up to 30,000 Cubans, Haitians, Nicaraguans and Venezuelans have requested entry into the United […]