Indian expats' remittances up by over $1 billion

Remittances by Indian expatriates rose by over $1 billion to $27.51 billion (about 1,22,420 crore) during April-September 2009, unfazed by theglobal financial meltdown, a Reserve Bank of India [ Get Quote ] survey has said.

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