The Indian government issued orders withdrawing the validity of existing high denomination (Rs. 500 and Rs. 1000) currency notes on 8th November 2016. Newer currency notes (Rs. 500 and Rs. 2000) were issued subsequently. The move was aimed at tackling counterfeit currency notes and those hoarding untaxed or illicit income. The impact on formal international inward remittances was minimal. MTOs doing cash payouts were impacted in the short run due to unavailability of large denomination currency. Families of migrants also reported problems in withdrawing remittances from ATMs. Formal international outflows were not affected since these are usually made out of bank accounts.
The 9th Global Forum on Migration and Development marked a successful continuation of a global process that addresses one of the most contentious issues in the global development agenda. As States intensify efforts to define the Global Compact on Safe, Orderly, Regular Migration, there is a need to systematically identity core thematic elements, the normative framework, and a process of meetings and negotiations in the run-up to the proposed UN International Conference in 2018.
As I mentioned in my previous blog, a renewed focus on Anti Money Laundering and Combatting the Financing of Terrorism (AML-CFT) regulations in Australia, the UK, and in the USA are impacting banks and MTOs.
Three effects on the remittance markets are observed. First, Banks stopped offering low cost remittance services. Second, banks closed accounts of MTOs. Two major banks, the Commonwealth Bank and the National Australia Bank, have closed already the accounts of MTOs in Australia. Recently, Westpac announced that it will close the bank accounts of MTOs serving Somalia by the end of this month. And third, small MTOs also closed since they could not any longer operate without bank accounts.
The DEC-PREM Migration and Remittances Unit of the World Bank
Invites you to a
"Management of International Migration in India"
Presenter: Professor Irudaya Rajan
Center for Development Studies, Thiruvananthapuram, India
Chair: Dilip Ratha
Lead Economist and Manager, DEC-PREM Migration and Remittances Unit
April 20, 2011 12:30 – 2:00pm
Room MC 7- 100
While the beneficial impacts of migration and remittances on social welfare have been well documented, we know very little about the effects of migration--mostly by men-- on the local labor market behavior of women. To help address this gap, Mariapia Mendola (of the University of Milan) and I explored the gender aspects of migration and economic development in Albania over the past fifteen years. We decided to examine Albania during this period in greater detail because economic hardship during transition fostered massive migrant outflows, mostly to neighboring Greece and Italy. Also, male migration is an ordinary and widespread phenomenon in Albania.
Using unusually detailed international migration histories from the 2005 Albania Living Standards Measurement Survey, we found that Albanian households with family members (mostly sons and daughters) living abroad are less likely to have women in paid employment. However, male spouses with past migration experience exert a positive influence on female self-employment. The same effect is not seen for men when women migrate. Our findings suggest that over time, male-dominated, shorter-term migration may increase the income-earning opportunities for women at home.
Our working paper based on this research was published last month in the World Bank's Policy Research Working Paper series.