Remittances & money transfer to India up

The UAE Exchange, one of the global money transfer brands has said its total remittances business into India witnessed a growth of 6.44 per cent last year. This is the highest quantum since 2008.

The annual remittance inflows crossed 7.18 billion dollar mark in 2013. Tamil Nadu, Kerala and Maharashtra were the biggest contributors with nearly 60 per cent of total inflows in 2013.

The Vice President, Global Operations of the UAE exchange, Promoth Manghat said that states like Maharashtra, Karnataka and Rajasthan posted growth in remittances faster than others.

The surge in remittances has been attributed to rising income levels and sharp fall in the rupee vis-a-vis the US dollar.

The remittance volumes are expected to pick up further with the Reserve Bank of India announcing direct-to-account foreign inward remittance facilities.

The move will also help to curb the inflow of money through illegal routes.

Spirit India