India urges WTO to lower remittance costs through open, interoperable payment systems like UPI.
India urges WTO to reduce remittance costs through open, interoperable payment systems like UPI. India's expatriates' remittances significantly impact the country's balance of payments and income. The global remittance cost of 6.18% exceeds the UN's target of 3%. India's proposal at the WTO focuses on promoting digital transfers, competition, regulation, and pricing transparency to lower transfer costs.
April 04, 2024
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