Second, it signalled to other policymakers that all ABSs should not be tarred with the same brush. Third, it created a basis for additional coordination between our two institutions which, in an era of increasingly cross-border regulation, is crucial to avoid loopholes and inconsistencies.
Recently, a Working Group on Cost of NRI Remittances has stressed in its report the need for an ongoing 'awareness program' for imparting basic awareness on facilities existing for making remittances, particularly for migrant workers. Apart from other things, this could also help in reducing the cost of effecting remittances.