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UAE top source of inward remittances in 2016-17
August 15 , 2018
2106 days
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- Reserve Bank of India’s survey of inward remittances for 2016-17 has stated that, the United Arab Emirates (UAE)is the top source of inward remittances, and Kerala has received the maximum funds sent from abroad.
- UAE’s share in total remittances was 26.9%. It is followed by the United States (22.9%), Saudi Arabia (11.6%), Qatar (6.5%) and Kuwait (5.5%).
- As per the survey, 82% of the total remittances received by India originated from 8 countries,
- UAE, the U.S., Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia.
- Kerala has the highest share with 19%, among destinations. It is followed by Maharashtra (16.7%), Karnataka (15%), Tamil Nadu (8%) and Delhi (5.9%).
- Kerala, Maharashtra, Karnataka and Tamil Nadu altogether received 58.7% of total remittances.
- Responses for the survey were received from 42 major authorised dealers (ADs), that account for 98.3% of total remittances in 2016-17.
- The rupee drawing arrangement (RDA) is the most popular channel of remittances. RDA accounts for 75.2% of remittances.
- It is followed by SWIFT (19.5%), direct transfers (3.4%) and cheques and drafts (1.9%).
- The share of Private banks in total remittances is 74.1%. Share of public sector banks is 17.3% and the remaining are foreign banks.
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