Mumbai: Kerala, Maharashtra and Tamil Nadu contributed to nearly 60 per cent of total inward remittances that surged to $7.18 billion in 2013. Kerala contributed the largest share of total remittance flows, with a share of 33 per cent to total volumes followed by Maharashtra (14.3 per cent), Tamil Nadu (12 per cent), Andhra Pradesh (8 per cent ) and Karnataka and Punjab (6 per cent each), according to the global forex money transfer firm UAE Exchange that over 10 per cent of the total remittance market in India and 6 per cent of total remittance flows, globally.
The average amount of money transferred per transaction also rose to $787 from $ 762 last year. “Compared to cities in southern India, incrementally we have seen more growth coming from regions like Jaipur, Kolkata and Ahmedabad,” said Promoth Manghat, vice-president, global operations, UAE Exchange
Rising income levels, coupled with sharp fall in the rupee during the and several measures taken by the Reserve Bank of India to curb illegal foreign inward remittances, apart from measures to attract NRI deposit money into the country contributed to the surge.
Mr Manghat said, “States like Maharashtra, Karnataka and Rajasthan are growing faster than others. The Gulf countries continue to be a major market for the migrating workers, who are our key customers.” Globally, UAE Exchange handled over $25 billion worth of remittance flows during the year.”
