India to press G20 for deadline to cut remittance costs: sources

December 4, 2014 11:20 AM

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NEW DELHI (Reuters) - India will press the Group of 20 economies to set a two-year deadline to reduce the cost of international money transfers, two government sources said, potentially saving more than $20 billion for developing countries.

The world's largest recipient of remittances - of about $70 billion a year - won the backing of G20 leaders last month in Brisbane to take "strong practical measures" to cut the average cost of sending money home to 5 percent.

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