Remittances to State from overseas have increased post demonetisation. With the demonetisation putting rupee exchange value to dollar at the lowest level – Rs 68.86 a dollar on Thursday – the NRIs are sending high amounts.
This has proved to be a boon to them in fact. Many Forex Exchanges are reporting 80 to 100 per cent growth in remittances during the past 15 days.
High amount remittances have also gone up in Vijayawada city.
On a usual day, forex exchanges like UAE Exchange, Money Gram and Western Union Money Transfer would handle around 120 remittances ranging between $ 500 and $1000.
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Similarly, there would be around 20 large amount remittances in a week. But, now, the exchange centres are handling over 250 remittances daily and at least 30 among them are over $ 2500.
Sources said there were 347 large amount remittances worth over Rs 6 crore in Indian currency.
The high amount remittances have shown 200 per cent increase over the past 15 days. “There is a steep increase of remittances from the last 15 days with the impact of demonetisation and weakening of the rupee. Majority of them were sending high amounts and suggesting the family members to invest that amount for future use. Apart from demonetisation effect, the Christmas bonus in western countries is also a reason behind the increase.” explained V Ratan, city in-charge of Money Gram.
Likewise, the remittances also rose in both nationalised and private banks registering an 83 per cent growth. The SBI NRI branch in Vijayawada is handling over 350 remittances a day, which is nearly double that during normal times. The high amount transactions have shown an increase of 86 per cent. Banks like Axis and ICICI too reported an 80 per cent increase.