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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