'Rising $ pushes inward remittances up'

Written by Agencies | Chandigarh, November 14: | Updated: Nov 14 2008, 21:34pm hrs
Money Exchange business firm Paul Merchants Ltd announced 90 per cent jump in inward remittances and 35 per cent rise in its revenue in 2008 primarily because of appreciation of US dollar against rupee.

"With the US dollar appreciating hugely against rupee this year, our inward remittances from NRIs has jumped by 90 per cent from January 2008 till October 2008, compared to the year-ago period," Paul Merchants Chairman and Managing Director S Paul told reporters.

He further said NRIs recognised that because of the appreciation of dollar, they would be getting more money in rupee terms which encouraged them to send more dollars to India. However, he refused to reveal the amount of inward remittances the company received this year citing RBI's restrictions.

Out of total the remittances, the company received 60 per cent from NRIs settled in West Asia and 40 per cent from USA, Canada, England, Italy, Greece and Australia.