Banking Exam Question - What is Remittance? Methods of Remittance in Nepal, Explain

Introduction - Remittance

A remittance is an exchange of cash by an outside specialist to a person in his or her nation of origin. Cash sent home by vagrants contends with global guide as one of the biggest budgetary inflows to creating nations. Specialists' settlements are a critical piece of global capital streams, particularly with respect to work sending out countries. In 2014, $436 billion went to creating nations, setting another record. General worldwide settlements totaled $582 billion out of 2015. 

Remittance is the main source of income for Nepal and foreign currency. Remittance contribution more than 20% GDP in Nepal. It plays a very important role for economic development, living standard and per capita income of Nepali Peoples.