Remittance

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Remittance

Money sent from one individual to another in the form of cash, check, or some other manner.

Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

REMITTANCE, comm. law. Money sent by one merchant to another, either in specie, bill of exchange, draft or otherwise.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
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On a cumulative basis, however, remittances continued to rise, albeit at a muted pace.
The United States continued to register the highest share of overall remittances from January to June 2019 at 36.4 percent.
The remittances data indicated that the increase was not only because of the Eid, but there was other reason as well.
On the other hand, the BSP chief said cash remittances coursed through banks increased by 5.7 percent to $2.61billion in May from $2.47 billion in the same month last year.
"By country source, the US registered the highest share of overall remittances for January to May 2019 at 36 percent," said the BSP.
According to the report, remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018, an increase of 9.6 per cent over the previous record high of USD 483 billion in 2017.
In real terms, however, remittances flow to developing countries which were expected to fall from two per cent of GDP in 2009 to one point eight per cent in 2010, surprisingly showed an increase in flow despite the global financial meltdown.
He said earlier, in 11 months ( January to November 2018) remittances received under this scheme were just Rs54.
" The World Bank estimates that the total value of international remittances was $689Bn 2018.
Oman's remittance inflows this year are projected to be around US$41mn, according to a World Bank (WB) report.
India will retains its top spot as a global receiver of remittances, according to the World Bank's Migration and Development Brief, which was release on Saturday.