The first step to remitting money to a loved one abroad is to get their permission to do so, and India’s banking and finance minister said he is doing his part.
On Monday, Minister of State for Finance and Information Technology (MNIT) Pranab Mukherjee told a parliamentary panel that the government is working on a package of reforms to remittance to India.
Mukherjee said the government would start by issuing banknotes to all households in the country, and that this could begin with issuing Rs500 and Rs1,000 notes.
In order to receive banknotes, a person has to first complete an online process, which includes filling in a short form and providing a bank account number, Mukherji said.
The minister said the move will help the government move towards a national electronic banking network and the central bank is also looking at this.
The banknotes will be issued on the same day that the RBI issues the new banknotes.
The announcement comes just a day after the central government released new notes, in a move that is likely to benefit the country’s economy.
The government plans to print new notes on July 15, 2019, and they will have a face value of about Rs2,000.
India has already issued a large number of new notes as it seeks to move away from a gold standard.
Currently, there are about 5 million notes in circulation.