{"id":27989,"date":"2018-10-23T17:29:51","date_gmt":"2018-10-23T11:59:51","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27989"},"modified":"2018-10-23T17:29:51","modified_gmt":"2018-10-23T11:59:51","slug":"uae-top-source-of-inward-remittances-in-2016-17rbi","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/uae-top-source-of-inward-remittances-in-2016-17rbi\/","title":{"rendered":"UAE top source of inward remittances in 2016-17:RBI"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/business\/Economy\/uae-top-source-of-inward-remittances-in-2016-17-rbi\/article24646788.ece\">UAE top source of inward remittances in 2016-17:RBI<\/a><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>The Reserve Bank of India\u2019s survey of inward remittances for 2016-17 released recently.<\/li>\n<\/ol>\n<p><u>Important facts: <\/u><\/p>\n<p>2. Remittances represent household income from foreign economies arising mainly from the temporary or permanent movement of workers to source economies.<\/p>\n<p><u>3. The survey highlighted the following facts:<\/u><\/p>\n<ul>\n<li>The United Arab Emirates (UAE) has emerged as the top source of inward remittances.<\/li>\n<li>UAE\u2019s share in total remittances was 26.9%, followed by the United States (22.9%), Saudi Arabia (11.6%), Qatar (6.5%) and Kuwait (5.5%).<\/li>\n<li>82% of the total remittances received by India originated from eight countries- UAE, the U.S., Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia.<\/li>\n<li>Among destinations, Kerala has the highest share with 19%, followed by Maharashtra (16.7%), Karnataka (15%), Tamil Nadu (8%) and Delhi (5.9%).<\/li>\n<li>Kerala, Maharashtra, Karnataka and Tamil Nadu together received 58.7% of total remittances.<\/li>\n<li><u>Remittances received by Indian residents were used for family maintenance <\/u><\/li>\n<\/ul>\n<p>4. Consumption (59.2%),<\/p>\n<p>5. Deposits in banks (20%)<\/p>\n<p>6. Investments in landed property and shares (8.3%).<\/p>\n<ul>\n<li>Reponses were received from 42 major authorized dealers (ADs), accounting for 98.3% of total remittances in 2016-17.<\/li>\n<li>The rupee drawing arrangement (RDA) is the most popular channel of remittances which accounts for 75.2% of remittances, followed by SWIFT (19.5%), direct transfers (3.4%) and cheques and drafts (1.9%).<\/li>\n<li>The share of private banks in total remittances stood at 74.1%, while the public sector share was 17.3% and the remaining with foreign banks.<\/li>\n<li>Size-wise analysis shows that 70.3% of all reported transactions were of more than $500 and only 2.7% were of less than $200.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>UAE top source of inward remittances in 2016-17:RBI News: The Reserve Bank of India\u2019s survey of inward remittances for 2016-17 released recently. Important facts: 2. Remittances represent household income from foreign economies arising mainly from the temporary or permanent movement of workers to source economies. 3. The survey highlighted the following facts: The United Arab&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/uae-top-source-of-inward-remittances-in-2016-17rbi\/\">Continue reading <span class=\"screen-reader-text\">UAE top source of inward remittances in 2016-17:RBI<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-27989","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704954819},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27989"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27989\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}