The International Day of Family Remittances (IDFR) is a universally-recognized observance adopted by the United Nations General Assembly and celebrated every year on 16 June. The Day recognizes the contribution of over 200 million migrants to improve the lives of their 800 million family members back home, and to create a future of hope for their children. Half of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most.
According to the United Nations, the theme of International Day of Family Remittances 2023 is “Digital remittances towards financial inclusion and cost reduction.”
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
International Day of Family Remittances advocates policies and measures to increase financial inclusions and creates an environment to enhance the remittance benefits for both the migrant workers and their families.
The day highlights the tenacity, devotion, and love displayed by migrant workers who support their families from abroad.
According to United Nations, “The Day recognises the contribution of over 200 million migrants to improve the lives of their 800 million family members back home, and to create a future of hope for their children. Half of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most.”
The history of International Day of Family Remittances dates back to 2008. The International Fund for Agricultural Development (IFAD) and the World Bank together marked the first-ever International Day of Family Remittances on 16 June 2008, with the aim of highlighting the role of migrant workers and that of their remittances in improving the economy of developing countries. Different financial organisations, policymakers, and other stakeholders, participated in the event, and discussed the positive impact of remittances on the economic development of countries worldwide.
The day received global recognition and support by various organisations and finally on 16 June 2015, the United Nations General Assembly passed a resolution and declared 16 June as official International Day of Family Remittances.
Some places on Earth experience extreme cold that seems almost impossible to survive. In these…
For the first time since Independence, India is preparing to systematically measure household incomes and…
The Earth is a big and fascinating place, made up of large land areas called…
Reserve Bank of India has advanced its scheduled Open Market Operation (OMO) purchases. The central…
In a move reflecting India’s growing climate risks, the Reserve Bank of India has proposed…
Indian Railways has taken a major step towards smart and technology-driven railway stations. On January…