Every month, my family faces the struggles and frustrations when trying to send financial support to our loved ones in India. It’s not just my family; many other Indian households and fellow Indian immigrants in the United States are grappling with similar challenges. The high costs, accumulating hidden fees, and lengthy delays make our attempts to provide for our loved ones not only costly but also emotionally taxing.

Remittance channels between the United States and India have been burdened with excessive fees, and the recent imposition of new US taxes has only exacerbated the problem. Financial institutions and remittance services often obscure the true costs with hidden fees and unfavorable exchange rates, causing the total expense to soar drastically. The already difficult process of transitioning funds across borders becomes even more daunting.

According to the World Bank, remittances to India stood at over $80 billion in recent years, highlighting the dependence millions have on this aid. However, this necessity should not come with an unreasonable price tag that preys on families trying to maintain connections and responsibilities back home.

In addition to the financial strain, families experience untenable delays. These prolonged wait times often mean postponed obligations, further compounding anxiety and stress on families relying on this essential source of income. With technology at our fingertips, there’s simply no reason these transfers should face such obstacles.

We hereby demand that relevant financial regulators and remittance service providers in both the US and India take immediate action to:

1. Regulate and cap remittance fees to reasonable levels.
2. Eliminate hidden costs that inflate the actual remittance expense.
3. Improve the speed and efficiency of remittance transactions.
4. Ensure transparency in the overall remittance process, making it affordable and accessible.

Reducing these barriers will not only alleviate financial stress on individual families but will also contribute positively to the global economy by ensuring a smoother flow of funds. These measures will improve the financial health of countless families both in the US and India.

Please join me in this crucial call for change by signing this petition. Together, we can make a difference for families who, like mine, simply want to support their loved ones in their homeland without excessive financial burden.