Cut remittance cost, says prime minister at G20 summit

Published Nov 16, 2015, 9:33 am IST
Updated Mar 27, 2019, 2:42 am IST
Prime Minister Narendra Modi shakes hand with Russian President Vladimir Putin before BRICS meeting in Antalya, Turkey (Photo: PTI)
 Prime Minister Narendra Modi shakes hand with Russian President Vladimir Putin before BRICS meeting in Antalya, Turkey (Photo: PTI)

Antalya: Prime Minister Narendra Modi on Sunday sought a definite timeline before 203 for reduction in cost of transferring money, a move that will help India as it is the world’s largest recipient of remittances.

“Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances,” he said said in his intervention at G20 Working Lunch on Development and Climate Change here.

With about $70 billion in remittances in 2013, India is the largest recipient of officially recorded remittances in the world.

India has been pushing for global efforts to bring down transaction cost for remittances. The transaction cost has already come down to 7.5 per cent because of a sustained campaign by India, from 10 per cent earlier. The target is to bring it down to 3 per cent by 2030, NITI Aayog Vice Chairman and G20 Sherpa Arvind Panagariya told reporters in New Delhi last week.

Meanwhile, India and Australia on Sunday announced the completion of all the formalities for their bilateral civil nuclear agreement, paving way for the pact to come into force. The announcement was made after a meeting of Prime Minister Narendra Modi and his Australian counterpart Malcolm Turnbull here on the sidelines of the G20 Summit.

“Another milestone achievement as two PMs announce completion of procedures for India Australia Civil Nuclear Agreement,” external affairs ministry spokes-person Vikas Swarup tweeted after the meeting.

“With the completion of procedures, including administrative arrangements, the India Australia Civil Nuclear Agreement will enter into force,” he said. Australia had signed a civil nuclear agreement with India in September last year to supply it uranium for meeting Indian energy needs. Australia has got 40 per cent of the world's uranium and the deal is important for both the countries.

Mr Modi thanked Mr Turnbull and described the agreement as a “milestone and source of trust and confidence”.



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