Intro -- Half Title Page -- Title Page -- Copyright -- Contents -- Acknowledgments -- Executive Summary -- List of Abbreviations -- Introduction -- Importance of Remittances -- Purpose of the Study -- Note -- References -- Chapter 1 Migration from India: Patterns and Characteristics -- Migration from India -- Profile of Migrants from India -- Diaspora Bonds -- Notes -- References -- Chapter 2 International Remittance Flows to India: Importance, Trends, Costs, and Link to Financial Access -- Importance of Remittance Flows to India -- Sources of Remittance Flows to India -- Inward Remittances and NRI Deposit Schemes -- Impact of the Global Financial Crisis on Remittance Flows to India -- Costs of Sending Remittances to India -- Leveraging Remittance Flows for Financial Access in India -- Notes -- References -- Chapter 3 The Remittance Market in India -- The Players -- Regulatory Environment -- The Prevalent Operational Schemes -- Notes -- Reference -- Chapter 4 Diagnostic of the Remittance Market in India -- Transparency and Consumer Protection: The Market for Remittance Services Should Be Transparent and Have Adequate Consumer Protection (GP 1) -- Payment System Infrastructure: Improvements to Payment System Infrastructure That Have the Potential to Increase the Efficiency of Remittance Services Should Be Encouraged (GP 2) -- Legal and Regulatory Environment: Remittance Services Should Be Supported by a Sound, Predictable, Nondiscriminatory, and Proportionate Legal and Regulatory Framework in Relevant Jurisdictions (GP 3) -- Market Structure and Competition: Competitive Market Conditions, Including Appropriate Access to Domestic Payments Infrastructures, Should Be Fostered in the Remittance Industry (GP 4) -- Governance and Risk Management: Remittance Services Should Be Supported by Appropriate Governance and Risk Management Practices (GP 5).

The Role of Remittance Service Providers: To Participate Actively in the Implementation of the GPs -- The Role of Public Authorities: To Evaluate What Action to Take to Achieve the Public Policy Objectives through Implementation of the GPs -- Policy Recommendations to Improve Financial Access through Remittance-Linked Financial Products -- Notes -- References -- Appendix A The Other Side of the Story: Migration to India and Outward Remittances from India -- Note -- References -- Appendix B Synopsis on Remittance Costs and Global Endeavors to Reduce These Costs -- Remittance Costs: An International Perspective -- Global Endeavors to Lower Cost of Remittances -- Note -- References -- Appendix C Mexico: Remittance Accounts -- Notes -- Reference -- Appendix D Model Remittances Customer Charter -- Appendix E Bibliography -- Back Cover.

Millions of migrants worldwide send billions of dollars in remittances each year to their families or communities of origin. In many developing countries, remittances are an important source of family and national income and also are the largest source of external financing. Remittances are better targeted at the needs of the poor than foreign aid or foreign direct investment (FDI) as recipients often depend on remittances to cover daily living expenses, to provide a cushion against emergencies, or to make small investments in business or education. Therefore, international remittance services should be safe, efficient, and reliable. This can be achieved by increasing competition in the remittance industry, providing broader access to payment system infrastructure, enhancing transparency, and ensuring a sound and predictable legal and regulatory framework. With an estimated US55 billion in remittance inflows in 2010, India is the world's foremost remittance destination. The size and potential impact of these inflows is large. Despite substantial progress over the past 15 years, the provision of accessible, efficient, and cost-effective remittance services in India could be improved. Remittances transfers often can be costly relative to the low incomes of remitters and the small amounts involved, especially in rural India, and are not accessible. Attempts to examine the remittance market in India have been limited.This policy note attempts to fill this gap by undertaking a broad, detailed investigation of the Indian remittance market and analyzing its characteristics based on the General Principles for International Remittance Services (GPs). It identifies some of the key actions and public policy measures for the improvement and future development of this market that would make it more contestable, transparent, accessible, and sound. Such actions

and policy measures could assist financial institutions and policy makers in enhancing the safety and efficiency of, as well as lowering the costs of, remittance services in India.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.