Monday, 19 April 2010
Indian expats' remittances up by over $1 billion
The remittances increased from $26.37 billion duringthe same period in the previous year, as India provided much better returns.
". . .inward remittances in India have not been impactedsignificantly by the global economic crisis," RBI said in its latest monthly bulletin.
It further said the rise in remittances may beattributed to a number of factors, including depreciation of rupee resulting in the rise in inflows through rupee denominated non-resident Indians' accounts to take advantage of the depreciation and hike in interest rate ceilings on NRI deposits since September 2008. Read more