G20 leaders to discuss reducing remittance cost for workers outside India to 3% by 2027

G20 leaders to discuss reducing remittance cost for workers outside India to 3% by 2027

• Ahead of the first Global Partnership for Financial Inclusion meeting of the G20 which is scheduled from 9 to 11 January at Kolkata, the G20 leaders on Sunday, discussed the high remittances cost workers have to bear and steps to reduce this cost from the current levels.
• Currently, the average remittance cost stands at around 6% and discussions are on to reduce this cost to around 3% by 2027.
• The aim is to bring it down to an average of 3 percent by 2027.
• Remittance costs generally include the commission charged by the sending agent and the currency conversion fee charged by the local converter while transferring the amount to the beneficiary.

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Published date : 09 Jan 2023 04:27PM