According to the Reserve Bank of India’s survey of inward remittances for 2016-17, UAE is the top source of inward remittances, while Kerala is the top destination for receiving them.
About:
Top source:
82% of the total remittances received by India originated from 8 countries namely: UAE, the U.S., Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia.
UAE’s share in total remittances was 26.9%, followed by the United States (22.9%).
Top destinations:
7% of total remittances was received by 4 states namely: Kerala, Maharashtra, Karnataka and Tamil Nadu.
Kerala has the highest share as it received 19% of total remittances.
More than half of remittances were used for family maintenance i.e. consumption (59.2%), followed by deposits in banks (20%).
Channel of remittances: The Rupee Drawing Arrangement (RDA) is the most popular channel of remittances which accounts for 75.2% of remittances, followed by SWIFT (19.5%).
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