NRI Remittances Surge to $7.18 bn - The New Indian Express

NRI Remittances Surge to $7.18 bn

Published: 27th March 2014 01:32 AM

Last Updated: 27th March 2014 01:32 AM

Global money transfer brand, UAE Exchange on Wednesday said its total remittances business into the country witnessed a growth of 6.44 per cent, the highest quantum since 2008, when compared to the previous year (2012), with the flows crossing the $7.18 billion mark in 2013.

Tamil Nadu, Kerala and Maharashtra became the biggest contributors with nearly 60 per cent of total inflows in 2013.

“We have seen record performance in remittance flows into India during 2013, with states like Maharashtra, Karnataka and Rajasthan growing faster than others,”Promoth Manghat, Vice President, Global Operations of the exchange said.

India remained a key market for the company and that they would continue to expand their presence here, he added.

The exchange attributed the surge in remittances to rising income levels and sharp fall in the rupee vis-a-vis the US dollar. “We have also seen the average amount of money transferred per transaction rise to $787 from $762 last year. In fact, as compared to cities in southern India, incrementally we have seen more growth coming from regions like Jaipur, Kolkata and Ahmedabad.” Mangat added.

He said that the Reserve Bank of India had recently announced direct-to-account foreign inward remittance facilities, which is expected to further increase remittance volumes and helping curb the inflow of money through illegal routes.

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