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Our Bureau

Chennai, May 3

Deposits in Non-Resident (External) Rupee Accounts, also known as NR(E)RA, stood at $21,291 million, according to the April 2006 Bulletin from the Reserve Bank of India. In 2000, the amount was $6,758 million. This grew gradually to $7,147 million in 2001, and to $8,449 million in 2002. A steep jump, however, happened in the subsequent two years: to $14,923 million, and to $20,559 million. Over the most recent period, April 2005 to January 06, non-resident deposits in these accounts have been hovering around $21,000 million, as if a plateau had been reached. Which, perhaps, explains the move to hike NRE deposit rates lately, to make the scheme attractive to non-resident Indians.

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