#Remittance from US to India

[newstownusa]

India is on track to become the first country to receive $100 billion in remittances annually

India is on track to become the first country to receive $100 billion in remittances annually

With around 18 million souls, Indians form the largest diaspora in the world. This resulted in India receiving more remittances over the years. By 2022, it would have reached $100 billion, making it the first country in history to reach this figure, according to the World Bank . “Remittance flows to India have been driven by rising wages and a strong labor market in the United States and other…

[zvaigzdelasas]

Among the points listed in the agreement were "cancelling all the recent decisions and procedures against banks by both sides and refraining in the future from any similar decisions or procedures", as well as "resuming Yemenia Airways’ flights between Sanaa and Jordan and increasing the number of flights to three daily flights, and operating flights to Cairo and India daily or as needed."[...]

Two other facets of Monday's agreement involved convening meetings "to address the administrative, technical, and financial challenges faced by" Yemenia, which has seen its operations severely reduced as a result of the ongoing conflict and a Saudi-backed land and air siege.

It also involves "initiating the convening of meetings to discuss all economic and humanitarian issues based on the roadmap”.

The government-controlled central bank in May banned transactions with six banks in the Houthi-held capital Sanaa for failing to abide by an order to relocate to Aden, which is under the control of the Saudi-backed government.

The Houthis said the move was a disguised attempt by the United States and Saudi Arabia to exert financial pressure on the Houthi banking system, which uses different bank notes with different exchange rates.

In response, they banned any dealings with 13 banks in Aden, preventing people in Houthi-held areas from getting remittances through them or withdrawing and depositing money.

23 Jul 24

[thozhar]

Gulf migration is not just a major phenomenon in Kerala; north Indian states also see massive migration to the Gulf. Uttar Pradesh and Bihar accounted for the biggest share (30% and 15%) of all Indian workers migrating to GCC1 countries in 2016-17 (Khan 2023)—a trend which continues today. Remittances from the Gulf have brought about significant growth in Bihar’s economy (Khan 2023)—as part of a migrant’s family, I have observed a tangible shift in the quality of life, education, houses, and so on, in Siwan. In Bihar, three districts—Siwan, Gopalganj, and Chapra—send the majority of Gulf migrants from the state, mostly for manual labor (Khan 2023). Bihar also sees internal migration of daily wagers to Delhi, Bombay, and other parts of India. Gulf migration from India’s northern regions, like elsewhere in India, began after the oil boom in the 1970s. Before this time, migration was limited to a few places such as Assam, Calcutta, Bokaro, and Barauni—my own grandfather worked in the Bokaro steel factory.

Despite the role of Gulf migration and internal migration in north Indian regions, we see a representational void in popular culture. Bollywood films on migration largely use rural settings, focussing on people who work in the USA, Europe, or Canada. The narratives centre these migrants’ love for the land and use dialogue such as ‘mitti ki khusbu‘ (fragrance of homeland). Few Bollywood films, like Dor and Silvat, portray internal migration and Gulf migration. While Bollywood films frequently centre diasporic experiences such as Gujaratis in the USA and Punjabis in Canada, they fail in portraying Bihari migrants, be they indentured labourers in the diaspora, daily wagers in Bengal, or Gulf migrants. The regional Bhojpuri film industry fares no better in this regard. ‘A good chunk of the budget is spent on songs since Bhojpuri songs have an even larger viewership that goes beyond the Bhojpuri-speaking public’, notes Ahmed (2022), marking a context where there is little purchase for Gulf migration to be used as a reference to narrate human stories of longing, sacrifice, and family.

One reason for this biased representation of migration is that we see ‘migration’ as a monolith. In academic discourse, too, migration is often depicted as a commonplace phenomenon, but I believe it is crucial to make nuanced distinctions in the usage of the terms ‘migration’ and ‘migrant’. The term ‘migration’ is a broad umbrella term that may oversimplify the diverse experiences within this category. My specific concern is about Gulf migrants, as their migration often occurs under challenging circumstances. For individuals from my region, heading to the Gulf is typically a last resort. This kind of migration leads to many difficulties, especially when it distances migrants from their family for much of their lifetime. The term ‘migration’, therefore, inadequately captures the profound differences between, for instance, migrating to the USA for educational purposes and migrating to the Gulf for labour jobs. Bihar has a rich history of migration, dating back to the era of indentured labor known as girmitiya. Following the abolition of slavery in 1883, colonial powers engaged in the recruitment of laborers for their other colonies through agreements (Jha 2019). Girmitiya distinguishes itself from the migration. People who are going to the Arabian Gulf as blue-collar labourers are also called ‘Gulf migrants’—a term that erases how their conditions are very close to slavery. This is why, as a son who rarely saw his father, I prefer to call myself a ‘victim of migration’ rather than just a ‘part of migration’. It is this sense of victimhood and lack of control over one’s life that I saw missing in Bollywood and Bhojpuri cinema.

— Watching 'Malabari Films' in Bihar: Gulf Migration and Transregional Connections

[finfanvn]

Sending money to Vietnam from India – 3 ways to take remittance to Vietnam from India

India, a country that is considered the cradle of technology, produces a lot of tech talents who have been working for big companies in the world such as Google, Apple, etc., where formed Java programming language and some other technological advances.

Can immigrants' money transfers to Vietnam take advantage of the nation's advanced technology to have the most cost-effective methods of sending money home? Learn how these immigrants from India can use FinFan to send money to Vietnam.

Read more: https://bit.ly/3waystotakeremittancetoVietnamfromIndia

[newstfionline]

Sunday, April 9, 2023

Joyous Holy Week celebrations around the world (AP) From dressing as Roman soldiers in Antigua, Guatemala, to carrying palm fronds on the streets of Lagos, Nigeria, Christians around the world are celebrating Holy Week. For millions of Christians, the week between Palm Sunday and Easter, known as Holy Week, is the most sacred time of the year. It’s the week Christians commemorate the passion of Jesus Christ. The week began with Palm Sunday, where mass at the Vatican was celebrated by Pope Francis in St. Peter’s Square the day after he was discharged from the Agostino Gemelli University Hospital in Rome, where the Vatican said he was treated for bronchitis. In Bolivia’s highland region, artists gathered for an annual event where they built sand sculptures based on Bible stories. Members of the faithful in Brazil wore tunics and hoods to take part in the Procession of Souls in Goiás state. And in Managua, Nicaragua, a child dressed as an angel during an event observing Good Friday. In recent years, Holy Week has been scaled back due to COVID-19 restrictions that require precautions such as social distancing and mask use. However, this year many of the faithful gathered in celebrations reminiscent of the era before the virus changed the nature of religious observance.

Stabbing of Cash App Creator Raises Alarm, and Claims of ‘Lawless’ San Francisco (NYT) The fury erupted within hours, as word spread that the 43-year-old man who had been stabbed to death this week in an enclave of high-rise condominiums near the Bay Bridge was Bob Lee, a well-known tech executive. The leaders of “lawless” San Francisco had Mr. Lee’s “literal blood on their hands,” Matt Ocko, a tech entrepreneur and venture capitalist in Palo Alto, Calif., tweeted. “I hate what San Francisco has become,” added Michael Arrington, the founder of the industry blog TechCrunch. “Violent crime in SF is horrific,” Elon Musk, the chief executive of Twitter and Tesla, chimed in. The drumbeat has built since then in the liberal city that only last year recalled its progressive district attorney amid calls for law and order and deepening frustration over the city’s homelessness crisis. While city officials agree that the murder is a terrifying tragedy and a signal that San Francisco has work to do on public safety, they’re also clashing with powerful figures in the tech sector over the nature and severity of the city’s problems with crime. The tension comes at a precarious time, as the tech industry implodes with layoffs and San Francisco itself struggles to bring visitors, conventions and legions of remote workers back to the too-quiet area in and around its downtown.

Resurgent remittances in Mexico (Foreign Policy) Flows of money sent to Mexico from abroad are at historic highs. This February, total remittances to the country accounted for 11 percent more than they did in February 2022, according to Mexico’s central bank. In 2021, Mexico surpassed China to become the country that receives the second-largest amount of remittances in the world. (India is no. 1.) The high tallies may reflect the post-pandemic economic recovery in the United States, where the bulk of the Mexican diaspora lives, the Economist reported.

Deadly Attack Exposes Growing Threat in Mexico: the Military (NYT) Gustavo Ángel Suárez Castillo, an American citizen from San Antonio, piled six friends, including two brothers, into his white pickup truck with Texas plates just before dawn, having spent the night celebrating the news that he was going to be a father. Suddenly, four vehicles filled with armed men began chasing and firing at them. The pickup truck crashed and as the passengers tumbled out, the armed men threw some to the ground, shooting one in the back, survivors told The New York Times. One recounted how he watched his brother slowly stop breathing while the assailants blocked medics from arriving. When it ended, five of the men, including Mr. Suárez, were dead and the other two severely injured. The attackers? Uniformed Mexican soldiers. The shooting in the city of Nuevo Laredo in the early hours of Feb. 26 has been called a coldblooded execution by the survivors and a top government official. So far, four of the 21 soldiers involved in the encounter have been arrested and the case is under investigation by civilian prosecutors and the military. The episode has deepened concerns about the growing footprint of Mexico’s armed forces, which has not only been put in charge of domestic security, but has also been given a rapidly expanding portfolio of businesses, like a new international airport and a major rail line.

Sweden Says State Actor Blew up Nord Stream Pipeline (AP) According to a new statement by Swedish investigators, it’s most likely that a state actor was behind the explosions that took out the Nord Stream gas pipelines late last year. “Our hope is to be able to confirm who has committed this crime,” said the public prosecutor leading the investigation, though he warned that “it should be noted that it likely will be difficult given the circumstances.” While Ukraine and some in the U.S. have blamed Russia for the attacks, investigations have returned a mixed bag of suspects: the New York Times has suggested that a pro-Ukrainian group was behind the attacks, while German media pinned them on a yacht operated by a pro-Ukraine Polish company. Pulitzer Prize-winning journalist Seymour Hersh also released a report blaming the U.S. for the explosions, though Washington and the U.S. media have dismissed him.

Kremlin says its strategic aim in Ukraine is to create a ‘new world order’ (Guardian) Moscow wants any Ukraine peace talks to focus on creating a “new world order”, the French press agency Agence France-Presse (AFP) quotes Russian foreign minister Sergei Lavrov as saying. “Any negotiation needs to be based on taking into account Russian interests, Russian concerns. It should be about the principles on which the new world order will be based.” According to the agency, he added that Russia rejects a “unipolar world order led by ‘one hegemon’.” Russia has long said it was leading a struggle against US dominance over the international stage, and argues the Ukraine offensive is part of that fight. The Kremlin said this week it had no choice but to continue its offensive, seeing no diplomatic solution.

Facing critical ammunition shortage, Ukrainian troops ration shells (Washington Post) The artillery shells were stored in a shallow mud dugout, covered with a black plastic tarp to keep them safe. Just 14 rounds remained—evidence of a critical ammunition shortage that has the Ukrainians scrambling for ways to conserve supply until their Western allies can produce or procure more. The artillery platoon, with the 59th Motorized Brigade in eastern Ukraine, used to fire more than 20 or 30 shells per day with their Soviet-era howitzer. Now, they typically shoot one or two, or none at all. The ammunition that has pounded parts of Ukraine daily for more than a year has become a precious resource in the artillery war with Russia—and which side conserves shells and rearms faster could turn the tide on the battlefield. Even amid a shortage, Ukraine is firing some 7,700 shells per day, or roughly one every six seconds. Russia, which may also be running low, is firing more—by some estimates triple that amount.

China flies fighter jets near Taiwan after leader’s US trip (AP) China sent warships and dozens of fighter jets toward Taiwan on Saturday, the Taiwanese government said, in retaliation for a meeting between the U.S. House of Representatives speaker and the president of the self-ruled island democracy claimed by Beijing as part of its territory. The Chinese military announced the start of three-day “combat readiness patrols” as a warning to Taiwanese who want to make the island’s de facto independence permanent. The People’s Liberation Army gave no indication whether they might include a repeat of previous exercises with missiles fired into the sea, which disrupted shipping and airline flights. On Saturday, eight warships and 42 planes were detected near Taiwan, 29 of which crossed the middle line of the strait that separates the island from the mainland, the island’s Ministry of Defense said.

A Historic Handshake (1440) Saudi Arabia and Iran formally reestablished diplomatic relations On Thursday, a significant milestone in the relationship between two of the largest powers in the Middle East. The pair cut off ties seven years ago after Saudi embassies in Iran were attacked following the Saudi execution of a popular Shia cleric. Saudi Arabia and Iran have been engaged in a regional power struggle for decades, exacerbated by the differing sectarian religious views—Saudi is roughly 90% Sunni Muslim, while Iran is about 90% Shia Muslim. The regional conflict has also become a proxy for greater world powers, with Saudi Arabia generally working with the West and Iran forging close ties with Russia and China. Notably, the deal was brokered by China, marking one of the country’s biggest diplomatic moves in modern geopolitics.

Tesla workers shared sensitive images recorded by customer cars (Reuters) Tesla assures its millions of electric car owners that their privacy “is and will always be enormously important to us.” The cameras it builds into vehicles to assist driving, it notes on its website, are “designed from the ground up to protect your privacy.” But a Reuters Special Report shows that between 2019 and 2022, groups of Tesla employees privately shared via an internal messaging system sometimes highly invasive videos and images recorded by customers’ car cameras, according to interviews with nine former employees. One ex-employee described a video of a man approaching a vehicle completely naked. Also shared: crashes and road-rage incidents. One crash video in 2021 showed a Tesla driving at high speed in a residential area hitting a child riding a bike, according to another ex-employee. Two ex-employees said they weren’t bothered by the sharing of images, saying that customers had given their consent or that people long ago had given up any reasonable expectation of keeping personal data private. Three others, however, said they were troubled by it. “I’m bothered by it because the people who buy the car, I don’t think they know that their privacy is, like, not respected … We could see them doing laundry and really intimate things. We could see their kids.”

‘I’ve Lost a Lot of Flesh and Bone,’ Jeremy Renner Says, Recalling Snow Plow Accident (NYT) The actor Jeremy Renner, who was severely injured on Jan. 1 when a heavy snow plow ran over him, said in a TV interview on Thursday night that the truck had hit him as he was trying to save his nephew, an accident that broke more than 30 of his bones and upended his life. Mr. Renner, an Oscar-nominated actor who is perhaps best known for his role as Hawkeye in the Marvel Avengers movie and TV franchise, spoke publicly at length about his frightening experience and arduous recovery for the first time in an interview with ABC News. “I’ve lost a lot of flesh and bone in this experience,” Mr. Renner told the journalist Diane Sawyer. “But I’ve been refueled and refilled with love and titanium.” Doctors interviewed by ABC News said that Mr. Renner’s good physical shape and health had probably helped him survive. About 10 weeks after the accident, Mr. Renner is beginning to regain enough strength to walk with a cane. When asked in the interview if he sees the same face when looking in the mirror, Mr. Renner replied, “I see a lucky man.”

[flutterwave]

Payments Startup Flutterwave Partners IndusInd Bank to Expand Into India

African payments startup Flutterwave is reportedly expanding into the Indian market through a partnership with IndusInd Bank.

This move makes Flutterwave the first African company to scale up remittances from India to Africa, streamlining the process for users, Bloomberg reported Friday (Sept. 8), citing an interview with Flutterwave Co-founder and CEO Olugbenga Agboola.

Reached for comment by PYMNTS, a Flutterwave spokesperson said the company is building a “quick and secure” remittance corridor from the U.K. to India via a partnership with IndusInd Bank and is planning to build one from Africa to India in the future.

IndusInd Bank, a leading financial institution in India, serves approximately 35 million customers across the country, including individuals, large corporations and government entities, according to the report.

Flutterwave has experienced rapid growth since its establishment in 2016 and currently operates in about 30 African countries, the report said. A January 2022 funding round valued the company at $3 billion.

The company has attracted significant investments from venture capital firms like Tiger Global Management and formed partnerships with notable companies such as Alibaba’s Alipay, Uber Technologies and Netflix, per the report. A recent agreement with French company Capgemini also bolstered Flutterwave’s engineering infrastructure.

Agboola told Bloomberg that Flutterwave is a partnership-driven organization and looks forward to collaborating with more bank partners in India.

In another recent development, the company announced Aug. 1 that it has extended its remittance solution to the United States and Canada, enabling money transfers from those countries to Africa. That expansion brought to 34 the number of countries around the world in which the Send App can be used to send and receive money.

A month earlier, in July, Flutterwave launched a product to help African users conveniently pay fees to educational institutions both within Africa and overseas by using their local currencies. This payment product, Tuition, is designed to be used by students, parents, guardians and sponsors, providing them with a payment solution that safe, reliable, affordable and seamless.

In a third recent expansion of its services, the company partnered with Token.io to begin offering pay-by-bank transfers, “making it even faster and easier for individuals and businesses to pay and receive money.”

Flutterwave said at the time that this pay by bank, or account-to-account (A2A) payments, offering lets users quickly and securely move money between accounts, without registration or error-prone data entry.

[indian-pan-card-usa]

Pan Card in USA

A Permanent Account Number (PAN) is a unique 10-digit alphanumeric identifier issued by the Income Tax Department of India to individuals, companies, and other entities for tax purposes. Although PAN cards are primarily used in India, they are also available for non-resident Indians (NRIs), foreigners, and entities located outside India, including those in the USA, who have financial dealings in India. This guide outlines the PAN card in USA.

Why is a PAN Card Important?

A PAN card serves as an important identification document for financial transactions in India. It is required for:

Filing income tax returns in India.

Opening a bank account or demat account in India.

Purchasing or selling property in India.

Investing in mutual funds or the Indian stock market.

Making financial transactions above certain thresholds, such as remittances to and from India.

Apply Pan card in usa

If you want to apply pan card in usa so you can contact us +1 (416) 996–1341 or pancardservice253@gmail.com to apply pan card in usa.

1- Visit this site indianpancardusa.com 2- And Go to application form of apply for pan card 3- fill the details 4- Upload documents 5- submit the application form.

Conclusion

A PAN card is a crucial document for anyone who needs to conduct financial transactions in India, including NRIs and foreign entities. By following the outlined steps, applicants in the USA can easily apply for and obtain a PAN card, facilitating smooth financial dealings with India. Whether you’re investing, conducting business, or simply managing your finances, having a PAN card in USA simplifies your interactions with Indian financial and tax authorities.

Contact us Phone:- +1 (416) 996–1341 Email Us:- pancardservice253@gmail.com

[sudeepkedar]

Open Banking Market is Predicted to Grow At More Than 22% CAGR till 2032

Open Banking Market size is estimated to be valued at USD 130.2 Bn till 2032. The rising integration with digital currency platforms to enable seamless transactions between fiat currencies and cryptocurrencies will influence the industry growth. The implementation of robust security measures, such as encryption, multi-factor authentication, and real-time monitoring, has grown critical for protecting sensitive financial data in open banking. Of late, leading financial institutions and fintech firms are exploring subscription-based models for open banking services to offer premium features and value-added services through tiered pricing plans.

Request for Sample Copy report @   https://www.gminsights.com/request-sample/detail/6210

Open banking market share from the digital currencies financial services segment is expected to exponentially expand between 2024 and 2032. By directly linking digital wallets to their banking systems, open banking streamlines the acceptance of digital currency payments by merchants. This integration lowers the hurdles for businesses eager to embrace cryptocurrencies. Furthermore, it enables connections with global financial institutions, simplifying cross-border transactions and allowing users to effortlessly send and receive payments in various currencies worldwide.

The on-premise deployment model segment is expected to account for considerable share of the open banking industry by 2032. Financial institutions using on-premise open banking solutions can fully control sensitive customer data. As concerns about data breaches and cyberattacks grow, numerous banks are opting to manage data in-house instead of depending on third-party cloud services. On-premise deployments further allow banks to customize their open banking infrastructure as per their specific needs. This flexibility is particularly important for large financial institutions with complex IT environments that require bespoke solutions.

Request for customization this report @  https://www.gminsights.com/roc/6210

Asia Pacific open banking industry size is anticipated to reach a significant share by 2032. This is propelled by the surge in cross-border open banking services, particularly in areas, such as remittances and international payments. Countries like India, Indonesia, and Vietnam are witnessing a swift expansion of open banking. With a vast unbanked populace and a strong mobile presence, these nations present lucrative prospects for open banking solutions. The proliferation of digital payments in China and India will also influence regional market growth.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Research design

1.2.1    Research approach

1.2.2    Data collection methods

1.3    Base estimates & calculations

1.3.1    Base year calculation

1.3.2    Key trends for market estimation

1.4    Forecast model

1.5    Primary research and validation

1.5.1    Primary sources

1.5.2    Data mining sources

Chapter 2   Executive Summary

2.1    Industry 3600 synopsis, 2021 - 2032

Chapter 3   Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    API platforms and gateway providers

3.2.2    Security solutions providers

3.2.3    RegTech providers

3.2.4    End user

3.3    Profit margin analysis

3.4    Technology & innovation landscape

3.5    Patent analysis

3.6    Key news & initiatives

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1    Increase in adoption of digital banking for convenience and accessibility

3.8.1.2    Technological advancements in big data analytics, artificial intelligence (AI), and APIs

3.8.1.3    Government initiatives and regulatory support to enhance financial transparency

3.8.1.4    Consumer demand for personalized services

3.8.2    Industry pitfalls & challenges

3.8.2.1    Security and privacy concerns

3.8.2.2    Lack of consumer trust and adoption

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact us:

Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: +1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: sales@gminsights.com 

[indiatimes-news]

Modus operandi unraveled: How over Rs 600 crore were siphoned out of country

The outward remittances were done illegally in the garb of third party payments against import of garments from Bangladesh.

Delhi Police's Special Cell registered an FIR in October 2021 regarding a syndicate that channeled money obtained through various criminal activities out of the country. This included Proceeds of Crime ( POC) obtained through illegal Chinese loan apps, illegal online gamings and also illegal bettings.

The wide network of this syndicate can be gauged from the fact that the case was first taken over by Delhi Police in October 2021. It was later transferred to the Enforcement Directorate ( ED) that is probing the matter and recently made an arrest on July 13.

From the documents that have been accessed by Republic Digital, it is mentioned categorically how accused persons, the fraudulent companies created by them on the pretext of forged documents were involved in opening of bank accounts both within and outside country and have taken out funds to the tune of Rs 338 crore.

To begin with, fake identities like Aadhaar, PAN cards and Voter ID cards were used for creating shell firms and opening multiple bank accounts.

In continuation to this, shell firms were also opened in Hong Kong, China, UAE, Singapore and Malaysia. The money that was deposited in Indian bank accounts was then successfully routed through RTGS/ NEFT.

The probe in this case by the agencies led them to get hold of Ashish Kumar Verma. It was found that Ashish along with the accomplices were able to create 18 shell firms and multiple accounts not only in private but also public banks.

Investigations have also revealed that Ashish is one among many in this huge syndicate that was successfully taking out hundreds of crores from the country.

As per law enforcement officials the other major characters involved in this crime of money laundering included Praveen Kumar based in Dubai who was involved in creating fake firms abroad, and Vipin Batra who used to be in touch with Ashish and gave him directions on how the modus operandi had to be implemented. Vipin Batra was recently arrested by the ED on July 13. He is being interrogated.

The mastermind of this syndicate is said to be Pawan Thakur, a Dubai-based bookie and an international Hawala operator. As per law enforcement officials, he is the mastermind in incorporating entities within India as well in foreign countries for remitting funds from India and receiving such funds in foreign bank accounts.

Thakur used to provide forged documents to Vipin Batra who in turn used to send these documents to Ashish Kumar Verma for executing outward remittances. Thakur used to incorporate entities in foreign countries on the backing of passports of several Indian individuals.

The modus operandi proved to be so successful that the syndicate acquired foreign exchange to the tune of Rs 271 crore and successfully sent this amount to the foreign bank account of shell companies abroad in the garb of purported imports of services giving false declarations in turn to banks.

In this, 90 percent of the amount was sent to Dubai while 10 percent was sent to Singapore.

It did not just end here. During the investigations, it was further found that Pawan Thakur was working on a similar modus operandi and in connivance with people that have been identified as Rohit Sharma, Jatin Chopra, Anmol Srivastava, Deepak Kaushal and others for illegal outward remittances.

The outward remittances were done illegally in the garb of third party payments against import of garments from Bangladesh.

From this, funds to the tune of Rs 338 crore were channeled out to Hong Kong and Singapore. Some of the fake firms that were created are Perfect Solutions, Omega Technologies, RP investment and consultancy, Flappose Trade PVT ltd, Uniwide innovations.

Fake directors of these firms were created. Bank accounts of office boys were created by giving them Rs 15,000. On their names, SIM cards used to be bought from where banking transactions used to be done.

With some arrests made in this case so far, investigations are still on to get hold of major masterminds in this Hawala racket that has resulted in more than Rs 608 crore being siphoned off the country.

[infinitywebinfopvtltd]

Eko API Integration: Revolutionizing Money Transfer and AePS Services

In the rapidly evolving landscape of financial technology, the need for seamless, secure, and efficient digital transaction solutions has never been more crucial. Eko, a leading fintech platform in India, has emerged as a pivotal player, offering a suite of APIs that empower businesses to integrate money transfer services and Aadhaar-enabled Payment Systems (AePS) directly into their applications. This article explores the role of an Eko API Integration Developer and the transformative potential of integrating these services.

Eko API Integration for Money Transfer and AePS:-

Understanding Eko’s API Ecosystem

Eko's platform is designed to bridge the gap between traditional banking services and the burgeoning demand for digital financial solutions. The Eko's APIs provide a versatile toolkit for developers aiming to offer domestic money transfers (DMT), bill payments, and AePS functionalities. Eko’s API services are crucial in a market like India, where financial inclusion remains a significant challenge.

1. Money Transfer API

Eko’s Money Transfer API is at the heart of its offering, allowing developers to integrate domestic remittance services into their applications. Eko API supports a range of transactions, from peer-to-peer (P2P) transfers to more complex transactions involving multiple parties.

Key features include:

Ease of Integration: With detailed documentation and robust SDKs, developers can quickly integrate money transfer capabilities into web or mobile applications.

Security: The API is designed with stringent security protocols, ensuring that every transaction is encrypted and compliant with regulatory standards.

Flexibility: Support for various transaction modes, such as IMPS, NEFT, and RTGS, makes it adaptable to different user needs.

2. Aadhaar-enabled Payment System (AePS) API

AePS is a crucial service in India, enabling financial transactions through Aadhaar authentication. Eko’s AePS API allows developers to offer essential banking services like cash withdrawal, balance inquiry, and mini statements via Aadhaar.

Key features include:

Biometric Authentication: AePS transactions require Aadhaar-linked biometric verification, which the API handles efficiently, ensuring a smooth user experience.

Comprehensive Documentation: Developers have access to extensive documentation that simplifies the integration process.

Real-Time Transactions: The API supports real-time transactions, ensuring that users can access their funds instantly.

The Role of an Eko API Integration Developer

An Eko API Integration Developer plays a pivotal role in bringing these financial services to life within a business’s digital ecosystem. Here’s a closer look at the responsibilities and skills required for this role:

1. Expertise in API Integration

At the core of this role is the ability to integrate Eko’s APIs into various platforms seamlessly. This requires:

Proficiency in Programming: Developers need to be well-versed in programming languages such as Python, Java, Node.js, or PHP, which are commonly used for API integration.

Understanding of RESTful APIs: Since Eko's APIs follow RESTful principles, a deep understanding of how these APIs work, including methods like GET, POST, PUT, and DELETE, is essential.

Authentication Management: Managing API keys and handling OAuth or other authentication methods is crucial for secure API integration.

2. Developing a Robust User Experience

While the backend integration is critical, ensuring a seamless and intuitive user experience is equally important. This involves:

UI/UX Collaboration: Working closely with UI/UX designers to ensure that the integration feels natural within the application.

Error Handling: Implementing robust error handling to manage transaction failures, network issues, or authentication errors smoothly.

3. Ensuring Compliance and Security

Financial services integration comes with significant compliance and security responsibilities:

Data Security: The developer must ensure that all data, especially sensitive information like Aadhaar numbers, is encrypted and securely transmitted.

Regulatory Compliance: Adhering to local and international financial regulations is a must, particularly with services like AePS, which are heavily regulated.

Benefits of Integrating Eko’s APIs

For businesses, the integration of Eko’s APIs offers several advantages:

1. Expanding Service Offerings

Businesses can offer a broader range of services, from instant money transfers to banking services via AePS, making them more competitive in the fintech space.

2. Enhancing Customer Convenience

With services like real-time money transfers and biometric authentication for AePS, customers can enjoy a seamless and secure transaction experience.

3. Driving Financial Inclusion

By leveraging AePS, businesses can reach underserved populations, offering banking services to those who may not have access to traditional banking infrastructure.

Conclusion

The integration of Eko’s APIs for money transfer and AePS is a game-changer for businesses looking to provide comprehensive financial services. For developers, mastering these integrations is not just about enhancing their technical skills but also about contributing to the larger goal of financial inclusion in India. As fintech continues to evolve, the role of an Eko API Integration Developer will only become more critical, driving innovation and expanding access to essential financial services across the country.

Contact Details: –

Mobile: – +91 9711090237

E-mail:- info@infinitywebinfo.com

[zenithforex]

Send Money from India to Other Countries | Wire Transfer & International Money Transfer

Learn how to send money from India to other countries with secure wire transfers or international money transfer services. Explore easy and reliable options for hassle-free global remittances Contact Us Phone: +91 8448 289666 Email: onlineteam@zenithforex.com Website: https://www.zenithforexonline.com/

https://www.scribd.com/presentation/761787066/Send-Money-from-India-to-Other-Countries-Wire-Transfer-International-Money-Transfer

[ireedacademy]

Foreign Direct Investment Surge: Unprecedented Transformation

India, an ancient civilization with a youthful spirit, is the world’s largest democracy and has witnessed remarkable economic progress in recent years. From becoming a $1 trillion economy in 2010, India reached $3 trillion in just over a decade. This rapid growth reflects the Foreign Direct Investment Surge: Unprecedented Transformation taking place in the country.

What Has Changed in India?

India’s economic landscape has evolved dramatically. Recent increases in Real GDP indicate rising consumption and a robust economy. India’s GDP now surpasses that of countries like Russia, Italy, Brazil, France, and the UK. The middle class, which made up 31% of the population in 2021, is expected to expand to approximately 60% by 2047. Enhanced access to banking and digital payments, such as the 10.24 billion UPI transactions annually, has allowed the government to implement more targeted fiscal policies effectively.

India's technological framework, marked by open architecture and independence from any single tech stack, highlights its inclusive growth. With domestic demand driving two-thirds of the GDP, India’s consumer market is exceptionally vibrant.

Impact of the Foreign Direct Investment Surge on the Economy

The Foreign Direct Investment Surge: Unprecedented Transformation has been a key driver of India’s economic success. Since independence, India has attracted $950 billion in FDI, with more than 50% of this amount coming in the past 90 months. This surge is noteworthy for its scale and speed.

FDI has come from 162 countries and across 61 sectors, with 93% routed through the automatic route. Sectors open to FDI include agriculture, infrastructure, manufacturing, mining, e-commerce, and pharmaceuticals. Conversely, sectors like atomic energy, lottery businesses, gambling, and certain real estate activities are restricted.

Effects of FDI on Real Estate

Property Value Augmentation: Foreign capital inflow boosts property demand, particularly in major cities, leading to higher real estate prices. International investors often target luxury properties, contributing to significant increases in property values.

Economic Impact: Investment in real estate stimulates construction, creating jobs and energizing local economies. Higher property values also increase tax revenues, which the government can use for public services. For instance, India’s gross tax revenue grew by 10.4% in 2023, reaching 27.58 trillion rupees.

Currency Flux: The value of foreign currencies relative to the local currency can influence investment levels. Favorable exchange rates attract more buyers and investors.

Market Stabilization: FDI helps stabilize the market by broadening the investor base and reducing reliance on the local economic environment.

Demographic Shifts: Foreign investment can change the demographic makeup of neighborhoods, reflecting broader economic shifts.

Reasons Behind the FDI Surge

Skilled Labor Force: By 2047, India will represent 21% of the global workforce. The rapid urbanization, with 30 people moving to cities every minute, and a continuous influx of skilled labor, especially in IT, make India an attractive destination. In 2023, foreign remittances totaled $125 billion, underscoring India’s integration into the global economy.

Government Reforms: Key reforms have facilitated the FDI surge:

RERA: The Real Estate Regulatory Authority, introduced in 2016, ensures transparency and accountability in real estate. Eased FDI norms now allow 100% foreign investment in construction and affordable housing.

REITs: Real Estate Investment Trusts enable significant investments in income-generating properties, broadening investment opportunities.

Growing Markets: The luxury market alone is projected to grow by $85 billion by 2023, with other sectors like software, construction, and telecommunications also expanding rapidly.

Conclusion The Foreign Direct Investment Surge: Unprecedented Transformation marks a new chapter in India’s economic evolution. As one of the most open economies globally, India offers unparalleled opportunities for both domestic and international investors. The country’s growth trajectory, driven by a dynamic market, skilled workforce, and progressive reforms, signals the beginning of a transformative period with vast potential for future advancements.

[olgbenga-agboola]

Exclusive: Flutterwave’s Olugbenga Agboola speaks on FW 3.0, IPO plans, and upgrading Barter

While GB was unclear about a timeline for an IPO for Flutterwave, he said the company’s current goal is digital market expansion. 

At the Kauffman Fellows event held in Nairobi this week, TechCabal spoke with Olugbenga Agboola, the CEO of Flutterwave. This publication shared several questions for him, including the state of its products, such as Barter and Send app, and we are posting them here verbatim to fully understand what the company has been up to and what it has planned for the coming days.

You talked about Flutterwave 3.0 a few years ago, which included several business segments. How is Flutterwave structured today, and what are your business segments?

GB: Flutterwave 3.0 was our evolution into a suite of products that would solve actual problems for consumers, Small and Medium Businesses (SMBs) and companies in Africa. We are looking at problems and basically identifying solutions. For example, when we launched the Send app, a remittance product, we made sending money anywhere in the world easier. But that is one problem but we also launched Swap. Swap is already in Nigeria and helps an average Nigerian who wants to swap currencies, from Naira to dollar, to be able to do so directly.

READ MORE: Breaking: Backed by CBN, Flutterwave’s new product Swap wants to solve Nigeria’s FX problems

And that’s our business. We help the average African business, both SMBs and enterprises or global corporations, to scale. 3.0 is when we structured the company into a suite of products where we can aggressively solve problems facing Africans in the African market.

What markets/countries does Flutterwave currently operate in? And what are your key markets? 

GB: So, in Kenya, we are a tech platform. We have partners in Kenya that we process payments with, like Uber. We have seen an opportunity in Kenya and are scaling here. Our scaling is in line with regulations and all the required processes. Our primary markets are Nigeria, South Africa, Egypt and Kenya. Our strategic markets are Rwanda, Ghana, Cameroon, Cote d’Ivoire and Senegal.

What is your fastest-growing business segment and country at the moment?

GB: Literally everything is growing very fast. Send app is growing at over 100%, and our portfolio of business is growing massively.  So we have been growing massively YoY now.

Barter is Flutterwave’s consumer-facing product focused on remittances, but you’re pushing a separate international payments app with a sleek design and faster payouts. Is Flutterwave going to deprecate Barter?

Well, we used to have a product called Barter. However, currently, it is in an upgrade phase. We want to build a new product to make Barter even more efficient, so we are working on that.

How is Flutterwave Send performing? And what growth metrics can you share?

Send app is growing at over 100 percent. Literally. It has been around, and we launched a new corridor from India to Africa and vice versa.

Flutterwave plans to list on the stock market. Considering the market momentum in recent weeks, what signal will you consider before finalizing your IPO plans? Ballpark on the same?

GB: When it is time, we will let you know for sure. Currently, we focus on customers, revenue, experience, and digital market expansion.

Flutterwave dismissed the allegations of fraud in Kenya, yet overall, statements from the regulator show the company faces a somewhat hostile environment in the country. How much progress has Flutterwave made to strengthen its relationship with the anti-graft agency and the CBK?

GB: The said issues have been addressed, even the ARA (Assets and Recovery Agency) issue, which is good. This is just proof of the proper governance within the company. ARA would not have found us free of every charge if we didn’t have a great infrastructure. We also scaling the team here with Leon Kiptum ( SVP of East Africa) here in Kenya. We are scaling the company and bringing the right people on board, and we are doing everything to scale and grow.

 Congrats on receiving the name approval in Kenya from the CBK.

GB: Yes, it is a step towards getting the licence. The first step is getting name approval, and that has been done, which is a very massive step. So very very soon, we should be having a licence.

TC: Bosun Tijani, the Nigerian minister, is a prominent name in the Nigerian/African tech industry. How important is his ministerial selection to Flutterwave and the Nigerian tech industry?

GB: Bosun’s appointment is amazing for Nigeria and the tech ecosystem. He has the experience and has walked the walk. On the government side, building policies is the best thing that can happen in Nigeria, and the country is very lucky to have Bosun. And I am very proud to have someone who has worked with us before.

[alishajoy059]

Understanding Form FC-TRS: Reporting Requirements for Foreign Investments in India

Form FC-TRS (Foreign Currency-Transfer of Shares) is a mandatory reporting form for recording the transfer of shares between residents and non-residents in India. The Reserve Bank of India (RBI) mandates this form to monitor and regulate foreign investments in Indian companies. This article delves into the reporting requirements for Form FC-TRS, its importance, and the steps involved in the submission process.

What is Form FC-TRS?

Form FC-TRS is used to report the transfer of shares or convertible debentures of an Indian company from:

A resident to a non-resident, and

A non-resident to a resident.

This form helps the RBI track and regulate foreign direct investments (FDI) and ensures compliance with the Foreign Exchange Management Act (FEMA), 1999.

Importance of Form FC-TRS

The submission of Form FC-TRS is crucial for several reasons:

Regulatory Compliance: Ensures adherence to FEMA regulations.

Transparency and Monitoring: Allows RBI to monitor foreign investments and capital inflows/outflows.

Legal Validation: Provides legal recognition to the transfer of shares between residents and non-residents.

When to File Form FC-TRS?

Form FC-TRS must be filed in the following scenarios:

Transfer of Shares from Resident to Non-Resident: When an Indian resident sells shares or convertible debentures to a non-resident.

Transfer of Shares from Non-Resident to Resident: When a non-resident sells shares or convertible debentures to an Indian resident.

Timeline for Submission

The form must be submitted within 60 days of receiving the consideration for the transfer of shares.

Steps to File Form FC-TRS

Preparation of Documents: Gather necessary documents, including share purchase agreement, share transfer form, KYC documents of the buyer and seller, FIRC (Foreign Inward Remittance Certificate) or debit certificate, and valuation certificate.

Filling the Form: Access the Form FC-TRS through the RBI's Single Master Form (SMF) available on the Foreign Investment Reporting and Management System (FIRMS) portal.

Submission of Form: Log in to the FIRMS portal, fill in the required details, and upload the necessary documents.

Verification and Approval: The AD Bank (Authorized Dealer Bank) verifies the form and documents. Upon satisfactory verification, the AD Bank forwards the form to the RBI for approval.

Documents Required for Filing Form FC-TRS

Share purchase agreement.

Share transfer form (Form SH-4).

KYC documents of both buyer and seller.

FIRC or debit certificate as proof of payment.

Valuation certificate from a Chartered Accountant.

Common Issues and Tips for Filing Form FC-TRS

Accurate Information: Ensure all details provided in the form are accurate and match the supporting documents.

Timely Submission: Adhere to the 60-day submission timeline to avoid penalties.

Complete Documentation: Make sure all required documents are complete and correctly uploaded.

Professional Assistance: Consider seeking help from professionals or consultants to ensure compliance and avoid errors.

Conclusion

Filing Form FC-TRS is a critical requirement for documenting the transfer of shares between residents and non-residents in India. By understanding the reporting requirements, necessary documentation, and submission process, companies can ensure compliance with FEMA regulations and facilitate smooth foreign investment transactions. Timely and accurate submission of Form FC-TRS not only ensures regulatory adherence but also fosters transparency and trust in cross-border investment activities.

FAQs

What is the penalty for late submission of Form FC-TRS? The RBI may impose penalties for late submission, which can vary based on the delay duration and transaction value.

Can Form FC-TRS be filed manually? No, Form FC-TRS must be filed online through the FIRMS portal.

Who is responsible for filing Form FC-TRS? The responsibility for filing typically lies with the resident transferor or transferee, depending on the nature of the transaction.

[amitvij211]

Top 3 Cybersecurity Courses in India

Certified Financial Fraud fInvestigator

This cyber security online course emphasizes on the various banking technologies that are available and aids the learner to investigate and find out financial frauds that happen in banking and financial services.

The course provides a 360-degree view of banking technologies, fraud prevention, and digital forensics, making it a comprehensive program for those aspiring to excel in the BFSI industry.

With 10-15 practical sessions aligned with the syllabus, participants gain hands-on experience, applying theoretical knowledge to real-world scenarios.

What will you learn in this Certified Financial Fraud Investigator Course?

1. Knowledge in types of banking instruments

2. Clear understanding of Various modes of transactions that happen in banking

3. Various frauds that happen in BFSI industry

4. Conduct investigation on how the frauds happen in banks using digital forensics

Why should you take this Certified Financial Fraud Investigator Course?

This cyber security course is a must for individuals seeking a profound understanding of banking technologies and a keen interest in uncovering financial frauds within the banking and financial services sector.

Whether you're a recent graduate in science, commerce, or technology, this program equips you with essential skills in computer operations, analytical thinking, and digital forensics.

By delving into the intricacies of general banking, digital banking, remittances, alternate delivery channels, and digital forensics, participants gain a comprehensive skill set to detect, prevent, and investigate financial frauds effectively.

Mastering the Art of Digital Forensics and Incident Response

With this cyber security course in India, learners will gain practical experience in evidence acquisition, preservation, and analysis, making the learning process engaging and impactful.

The curriculum covers a broad range of digital forensics topics, from lab essentials to malware forensics, Linux forensics, and report preparation. This ensures learners receive a well-rounded education in the field.

The course emphasizes the importance of continuous learning, professional development, and staying updated on emerging threats and industry best practices.

Why should you take this Mastering the Art of Digital Forensics and Incident Response Course?

1. Embark on a journey to master digital forensics principles and incident response strategies with our comprehensive training program.

2. Ideal for individuals with a background in computer science or a strong understanding of computer basics, this course equips participants with practical skills to address and respond effectively to digital forensics incidents.

3. By delving into various modules covering topics like computer forensics, imaging and cloning, live forensics, malware forensics, and more, participants gain hands-on experience through practical exercises, case studies, and simulations.

Whether you aim to enhance your cybersecurity skills, advance your career, or enter the field of digital forensics, this program prepares you for real-world challenges and emphasizes continuous learning.

Cyber Security & Ethical Hacking Certified Expert

In this cyber security course, you will acquire a robust understanding of cybersecurity audits, standards, and collaborative teamwork. Gain expertise in evaluating systems, ensuring policy compliance, and enhancing overall organizational security posture.

What will you learn in this course?

1. Discover the intricacies of information security testing, effective documentation, and utilizing industry-standard tools and templates for audit tasks.

2. Learn to define audit scopes, adhere to established boundaries, and leverage input from various stakeholders.

3. Develop skills in generating clear, comprehensive audit reports and fostering continuous improvement through lessons learned.

By the course's end, you will confidently participate in various types of information security audits, effectively communicate within audit teams, and contribute to refining audit processes.

Elevate your competence in safeguarding digital assets, aligning with industry best practices, and bolstering the cybersecurity resilience of your organization.

[gazetteweekly]

Digitalisation: A Double-Edged Sword for Consumers and Financial Systems, Says RBI Report

In its Report on Currency and Finance (RCF) for 2023–24, the Reserve Bank of India (RBI) highlighted the transformative yet challenging impacts of digitalisation on consumer behavior and financial systems. Released on Monday, the report underscores how the convenience and accessibility brought by digitalisation can also lead to impulsive spending, herd behavior, and heightened risks of data breaches.

Benefits and Risks of Digitalisation

Digitalisation undoubtedly enhances the ease with which consumers can access financial services. However, it also introduces new risks. The RBI report points out that the rapid spread of financial trends and choices through digital platforms can influence consumers to follow the crowd, leading to impulsive spending and herd behavior. This is particularly evident during market frenzies, where mass buying or selling of stocks can trigger similar actions from other consumers.

Moreover, the interconnected nature of the digital financial system can complicate financial stability. For instance, widespread withdrawal of deposits due to herd behavior could lead to bank runs or failures.

Data Breaches: A Growing Concern

The report also highlights the growing threat of data breaches. In 2023, the average cost of a data breach in India was $2.18 million, marking a 28% increase since 2020. Common attacks include phishing and the use of stolen or compromised credentials. These breaches pose significant risks to both consumers and financial institutions.

Implications for Monetary Policy

Digitalisation impacts inflation, output dynamics, and the transmission of monetary policy in various ways. The report suggests that if digitalisation shifts credit supply from regulated banks to less-regulated non-banks, it could dampen the effectiveness of monetary policy. As such, central banks must integrate digitalisation considerations into their models to ensure effective monetary policy and financial stability.

Proactive Measures and International Collaboration

The RBI has been proactive in leveraging the benefits of digitalisation while mitigating associated risks. Digitalisation holds the potential to boost India’s external trade in goods and services, particularly in modern services exports. It can also reduce the cost of international remittances, benefiting recipients through higher incomes or savings.

In a significant step towards enhancing cross-border payments, the RBI joined Project Nexus, aiming to interlink domestic Fast Payments Systems (FPS) across several countries, including Malaysia, the Philippines, Singapore, and Thailand. This follows the integration of India’s Unified Payments Interface (UPI) with Singapore’s PayNow, facilitating faster and more affordable remittances between the two nations. Similarly, an MoU with the Central Bank of UAE aims to link India’s UPI with UAE’s Instant Payment Platform (IPP).

The Rise of UPI

The report highlights the explosive growth of UPI, which has seen a tenfold increase in volume over the past four years. From 12.5 billion transactions in 2019–20 to 131 billion in 2023–24, UPI now accounts for 80% of all digital payment volumes in India. As of June 2024, UPI is recording nearly 14 billion transactions monthly, driven by 424 million unique users.

Future Outlook

Cross-border digital trade policies will be crucial in leveraging new opportunities and ensuring data security and cybersecurity. The internationalisation of the rupee is also progressing, supported by a comprehensive policy approach.

In summary, while digitalisation brings significant benefits, it also poses new challenges. The RBI’s report emphasizes the need for a balanced approach to harness its advantages while managing the associated risks to consumer behavior, financial stability, and data security.