International Family Remittance Day

Tags: Important Days

Every year, International Family Remittance Day is observed by the United Nations on 16 June.

• The day is celebrated to honour the efforts of expatriates living abroad and to help improve the lives of their family members in their home country.

• The first International Family Remittance Day was observed in 2015.

• The day encourages the public sector and the private sector to formulate policies for the betterment of migrants and encourage remittances.

• The theme of this year's International Family Remittance Day is 'Recovery and Resilience through Digital and Financial Inclusion'.

• What is Remittance?

• Remittance is money that is sent to another party (usually from one country to another). The sender is usually an immigrant and the recipient belongs to a community/family.

• In other words, remittance or remittance refers to the income sent by migrant workers to their native community/family in the form of money or kind.

• India is the largest recipient of remittances or remittances in the world.