Archive for June, 2008

NRIs benefit Rupee devaluation !

June 18, 2008

NRIs are always happy if they send more money to India – to their kith and kin. Infact, it is this rejoice that they have been striving for. When they get more of Indian Rupee on conversion with their hard earned American Dollar or other currencies, their happiness is doubled not only for them but also for their beneficiaries in India. Yes, in May 2008 alone, remittances have increased by 40%. Every month NRIs working in Gulf region used to send remittances worth INR 12,000 crore but in the past 2 to 3 weeks due to rupee devaluation, the figure has increased by 40% amounting to INR 16,500 crore out of which Saudi Arabia stands first with 40% share, followed by UAE with 30%.

The 57lakh Non-resident Indian workforce has remitted in 2007 an amount of INR 1,16,000 crore to India. As per the bulletin of The World Bank, India stands First among the countries receiving remittances from their Non-Residents and the major share of such receipts is from the Gulf region.

Kudos to NRIs for making us proud and richer !

“You care India, We care You”-BESTNRI :