Global money transfer brand UAE Exchange has said that global remittance flows to India have surged sharply to $ 7.18 billion in 2013, setting a new record for the company.

States like Kerala, Maharashtra and Tamil Nadu contributed nearly 60% of total inflows during the year. Remittances to Maharashtra in 2013 rose 12% from last year to over $ 1 billion contributing 14.26% of total into the country.

Remittances by non-resident Indians grew 6.44% between January and December 2013 over the previous year, the highest quantum since 2008.

UAE Exchange said it manages over 10% of the total remittance market in India and 6% of total remittance flows globally.

Promoth Manghat, VP Global Operations, UAE Exchange, said “We have seen record performance in remittance flows into India during 2013, with states like Maharashtra, Karnataka and Rajasthan growing faster than others. We remain positive about the outlook as more job opportunities are already getting created abroad.”

The average transaction size continues to be steady with $1,734 in 2013 as against $1,829 last year, suggesting that majority of the migrant workers and expats send money back home for family maintenance purposes. The survey also suggested that around 36 per cent of the total remittance inflows in Mumbai were from the Gulf countries, while 34 per cent of remittances were received from North America. 

A recent RBI survey suggested a majority of the transactions in places like Mumbai, were either through electronic wire transfers or direct to bank accounts. According to it, nearly 45% of remittances in the state capital were used for family maintenance purposes, while 18% were used to deposit in banks.

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