India continues remains the top recipient of remittances, with its diaspora sending back $78.6 bn in 2018.
NRI deposits between April & August saw an inflow of $4 billion, compared with $5.7 billion in the same period last year. NRIs in the Gulf, who contribute the maximum to the deposit chunk, are showing preference towards mutual funds.
India was the top recipient of remittances worldwide in 2018, data from the World Bank shows. The remittances were boosted in part by migrants from Kerala sending.
The acceptance of Indian currency is good news for Indian tourists as earlier they lost a sizeable amount due to exchange rates.
India was followed by China (USD 67 billion), Mexico (USD 36 billion), the Philippines (USD 34 billion), and Egypt (USD 29 billion).
ET looked at data from 1990-91 to present, and the remittance-elections bump is evident.
India is followed by China ($67 billion), Mexico and Philippines ($34 billion each), according to World Bank.
The embassies in Gulf countries have not been forthcoming in providing data under RTI on the number of deaths.
The data was provided by Indian missions in Bahrain, Oman, Qatar and Saudi Arabia but the Embassy in the UAE refused to give information. The Indian embassy referred to data on their website which was only 2014 onwards.
India received $69 billion in overseas remittances last year, equivalent to almost 3 percent of GDP, Capital Economics said, citing World Bank data.
Nearly 82 per cent of the total remittances received by the country originated from eight countries - the UAE, US, Saudi Arabia, Qatar, Kuwait, Oman, UK, and Malaysia.
A report said that India (receiving USD 69 billion in remittances in 2017) was followed by China (USD 64 billion) and the Philippines (USD 33 billion).
The LRS transactions are currently permitted by banks based on the declaration made by the remitter.
In a written response to a question, V K Singh, minister of state in the External Affairs Ministry, said in 2014-15, Indians abroad had sent USD 69.82 billion.
Over a period of time they have invested in properties, fixed deposits, stocks here. They either redeem these investments or sell them and transfer the money to their bank accounts abroad.
India, the largest remittance-receiving country worldwide, witnessed a near 9% drop in NRI pay-in flows to $62.7 billion in 2016 over the previous year.
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