[by Cerius Shah] Here is a neat bit of trivia to start off, as per this ET article, India is the highest recipient of overseas remittances. Airtel and Western Union, as part of a GSM association mobile migrant money transfer initiative, are working to commercialize the project by December 2008. Western Union had inked a deal with GSMA for the same in October 2007.
We had reported earlier that the denomination of the money transfer would be capped at $100, no word yet if this will be retained as well as charges applicable.
This has been a crying need for a while, and will be a good thing if it comes through. It is obviously hugely complicated. Complexity springing from:
a) how to handle exchange rates
b) fraud management
c) preventing terror money laundering
d) points of collection for recipient
etc..
that is indeed a good news. and no shockin news that we recive most remitance. the brain drain theory was after all given by india onli. and i also agree with you happy man the points that you hav made are quite valid espesially the money laundering one~~