5 days ago
India, Canada Seek Easier Payments for 400,000 Indian Students
India and Canada want to make it easier to send money between the two countries.
This could help Indian students who study in Canada and receive money from their families.
The countries say about 400,000 Indian students are in Canada.
Canada’s finance minister said families may send about 45,000 Canadian dollars per student.
The two finance ministers discussed using digital technology to improve payments.
They are also considering more financial institutions and payment choices.
No final payment system was announced in the discussions.
The countries also want to work more closely on investment and trade.
India and Canada discussed simplifying cross-border payments and remittances for Indian students and their families.
Finance ministers Nirmala Sitharaman and François-Philippe Champagne held the discussions in Toronto during the countries’ first Economic and Financial Dialogue.
Champagne said about 400,000 Indian students are currently in Canada and estimated remittances at around 45,000 Canadian dollars per student.
The countries are considering digital-payment improvements, additional financial institutions in India, and more payment options.
India and Canada also discussed investment-treaty talks, Canadian investment in India, and a goal of CAD 70 billion in bilateral trade by 2030.
- Who
- Indian Finance Minister Nirmala Sitharaman, Canadian Finance Minister François-Philippe Champagne, Indian students in Canada, and their families.
- What
- India and Canada discussed easier cross-border digital payments and remittances, along with broader financial and investment cooperation.
- Where
- Toronto, Canada.
- When
- During the first Economic and Financial Dialogue; Sitharaman began an eight-day official visit on a Tuesday.
- Why
- To make money transfers faster and more convenient for students and families, while strengthening economic ties and trade.
Key facts
- Indian students in Canada
- Around 400,000, according to François-Philippe Champagne.
- Estimated remittance
- About 45,000 Canadian dollars per student, according to Champagne.
- Main discussion
- Digital payments, financial services, and easier India-Canada money transfers.
- Potential measures
- More financial institutions operating in India and additional payment options.
- Trade goal
- India and Canada aim to raise bilateral trade to CAD 70 billion by 2030.
- Investment talks
- India expressed readiness to begin Bilateral Investment Treaty negotiations with Canada.
- Other negotiations
- A Comprehensive Economic Partnership Agreement is targeted for conclusion by the end of 2026.
Quotes
François-Philippe Champagne
Canadian Finance Minister who discussed financial cooperation with India
“We know we have 400,000 Indian students. We know that the remittance could be around 45,000 Canadian dollars per student. So, we are committed, both myself and the Minister of Finance of India, to facilitate that, because that, I think, will be a great benefit to the Indian students that are living in Canada.”
firstpost.com
“We are talking; our teams are going to be talking further, and adopting everything which helps in easier payment, cross-border remittances, and also within the country, multiple choices for digital payments so that citizens can benefit from it.”
firstpost.com
Sources
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