There are two types of NRI remittances. The 'inward remittance' or money sent by
NRIs to relatives in India. The 'private transfer' which is NRI deposits of
foreign exchange in rupee accounts spent within India.
The rise in private transfers has grown to some $13 billion last year, with the
US being the largest source of remittances, 44 percent of the total. The Arabian
Gulf that once dominated remittances is now the source for 24 percent.
North American NRIs see India as a place for long term economic investment,
particularly the investment in real estate. Twenty percent of all properties in
Delhi that are being sold for over $10 million, are bought with NRI funds.
Remittances to India last year totalled $24.6 billion. Western Union, the
world's largest wire transfer company says it saw a 102 percent increase in
person to person remittances to India last year.
Source: Hindustantimes
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