Global Indians sent home $1.95 billion in the April in their non-resident rupee deposit accounts even as uncertainty gripped across the global financial markets on account of the spread of COVID-19 pandemic and the consequent contraction of economic activity, the latest data by the Reserve Bank showed.
The payments bank sees average monthly remittances of close to Rs 5,000 crore from daily wage earners working in various factories, construction sites, small businesses, plumbers, carpenters, cab drivers, among others.
“The Directorate of Intelligence & Criminal Investigation (I&CI) of the income tax department during August and September 2019 obtained LRS data from several banks in Mumbai and Delhi and verification of the top 100 cases was undertaken. However, nothing adverse was found,” said the report, which was submitted to SIT probing black money earlier this year.
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.
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