India has become the largest remittance-receiving country in the world, with migrant workers from the country sending home 69 billion US dollars in 2017. According to the report ‘RemitSCOPE – Remittance markets and opportunities – Asia and the Pacific’, remittances to the Asia-Pacific region amounted to 256 billion dollars in 2017.
India with 69 billion Dollars, China with 64 billion Dollars and the Philippines with 33 billion Dollars are the three largest remittance-receiving countries in the world in 2017. Worldwide, an estimated 40% of the total value of remittances goes to rural areas. According to the report, cash-to-cash transactions remain by far the most common form of transfer.
Source- The Economic Times