Sunday, May 26th, 2013
REMITTANCES: Indians abroad sending more money back to homeland
An Indian couple waits in an airport in this file photo. Remittances from NRIs are rising, says India’s overseas affairs minister. Prakash Singh/AFP/Getty Images
The amount rose from $53.6 billion in fiscal 2009-10 to $55.6 billion in 2010-11 and to $66.1 billion in 2011-12, the minister said in a statement in the Lok Sabha.
The amount stood at $17.4 billion in the first three months of fiscal 2012-13, he added.
Ravi said banks had been told to sensitize Non-Resident Indians (NRIs) on the options available to them to minimize the cost of remittances. “This will make the costing more transparent.”
He added that banks had also been advised to review their existing scale of charges both at the foreign and domestic end so as to minimize the current cost of remittances.
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