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Trends in NRI Remittances
Friday, September 07, 2007

The year 2005-06 saw an increase of 25% in NRI remittances over the previous year, taking the figure up to USD 25 billion, according to a Reserve Bank of India survey .The remittances were channelised as follows:

NRI Remittances in 2006
 
Amount
Investment in Stocks and Shares 13% USD 3.25 billion
Funds in NRI Bank Deposits 20% USD 5 billion
To Meet Family Expenses 54% USD 13.5 billion


The survey was conducted by the Reserve Bank in 2006 on the foreign exchange transactions of bank branches in Ahmedabad, Bangalore, Chandigarh, Chennai, Puducherry, Delhi, Hyderabad, Jaipur, Kolkata, Mumbai and Kochi. These cities were selected primarily on the basis of the quantum of NRI remittances received, and the channelising of these to interior locations. The following facts came to light:



  • USA and Canada account for 44% of the remittances, while 32% comes from the Gulf.
  • North America as a remittance source has gained over the Gulf with the growing number of professionals in IT.
  • The average size of the remittance was around USD 1,100 and more.
  • The preferred mode of remittance is the electronic transfer like Swift, in spite of the higher costs involved.
  • NRIs chose to spend a higher fee to remit funds to save on time.

Related Readings

»Remittances from Indians abroad push India to the top
»New Investment & Remittance Schemes Launched for NRIs in Gulf
»RBI permits Overseas Remittance upto USD 100,000

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