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Remittances from Indians abroad rising

Posted on Dec 12, 10:16PM | IANS

Remittances from Indians employed abroad have been steadily increasing since 2009-10, Overseas Indian Affairs Minister Vayalar Ravi said Wednesday.

The amount rose from USD 53.6 billion in fiscal 2009-10 to USD 55.6 billion in 2010-11 and to USD 66.1 billion in 2011-12, the minister said in a statement in the Lok Sabha.

The amount stood at USD 17.4 billion in the first three months of fiscal 2012-13, he added.

Ravi said banks had been told to sensitize NRIs on the options available to them to minimize the cost of remittances. "This will make the costing more transparent."

He added that banks had also been advised to review their existing scale of charges both at the foreign and domestic end so as to minimize the current cost of remittances.