Money & Banking

Remittances up 9.6% at $25.2 bn in April-Dec 2012

| Updated on: May 22, 2013
image caption

Indians working abroad remitted $25.2 billion in the first three quarters of the 2012-13 financial year for family maintenance and other purposes. This was a 9.6 per cent rise in comparison to the corresponding period of 2011-12.


Workers sent over $8 billion home every month during the period under review, as per provisional RBI data on India’s “invisibles” – business transactions that occur with no exchange of tangible goods – for the third quarter. In comparison, remittances during the April-December period of 2011-12, averaged around $7.7 billion per quarter.


Remittances from abroad are classified as “private transactions” in the invisibles data. Local withdrawals and redemptions from non-resident deposits were another category of invisible trade by private individuals. These transactions amounted to $23.6 billion during the first three quarters last fiscal, averaging around $7.8 billion per quarter.


One of the interesting revelations from the data is that around $44 million was of gold and silver was brought through passenger baggage in April-December, 2012. This was an increase from $35 million in the corresponding period of the previous year.


Personal gifts and donations to charitable and religious institutions in India by private individuals also rose 10.3 per cent to $2 billion in the first three quarters of 2012-13. 


Published on March 12, 2018

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you