jeblynwood
Joined: 13 May 2013
Posts: 10
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 Posted: Mon May 13, 2013 8:01 am Post subject: Know the Importance of Remittance Service |
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Remittance is the transfer of money by a person who resides in a foreign country to his or her home country. For many developing countries like India, remittance money constitutes a substantial amount of financial inflow. Money remitted from a developed country to a developing country contributes to the economic growth of the latter, thus attempting to fill in the vacuum left behind by insufficient foreign aid. In its broadest objective, remittance money leads to greater financial and social inclusion. However, as an inevitable yet undesirable effect, an economy supported primarily by remittance money leads to a greater dependence on the global economy instead of evolving a sustainable, local economy.
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