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Remittances from advanced nations beat flows from Gulf region in FY21

  • July 18, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Remittances from advanced nations beat flows from Gulf region in FY21

Subject: Economy

Section: External Sector

  • Maharashtra displaces Kerala as the top recipient State
  • In what is seen as a shift of workers to the West, Advanced Economies (AEs) — particularly the US, the UK and Singapore — emerged as key source countries for remittances pipping the Gulf Cooperation Council region (GCC).
  • The share of the GCC region in India’s inward remittances is estimated to have declined from more than 50 per cent in 2016- 17 to about 30 per cent in 2020-21, according to the Reserve Bank of India’s fifth round of Survey on Remittances.
  • The US surpassed the UAE as the top source country, accounting for 23 per cent of total remittances in 2020-2
  • Non-Resident External (NRE) account
    • NRE accounts are INR denominated accounts which means all the funds you deposit are maintained in Indian rupee. When you deposit foreign currency into this account, the current exchange rate is applied by the receiving bank and Indian rupees matching the exchange rate are deposited in your account.
  • Non-Resident Ordinary (NRO) account
    • A Non-Resident Ordinary (NRO) account is a savings account that is useful if you have earnings in India. You can deposit Indian earnings – from dividends, equity returns, pension, rentals, or any other income – into an NRO account.
  • Foreign Currency Non-Resident (FCNR) accounts
    • FCNR is an account that allows you to save money earned overseas in a foreign currency in a term deposit.

Gulf Cooperation Council (GCC)

  • It  is a political and economic alliance of six countries in the Arabian Peninsula: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
  • Established in 1981, the GCC promotes economic, security, cultural and social cooperation between the six states and holds a summit every year to discuss cooperation and regional affairs.
economy Remittances from advanced nations beat flows from Gulf region in FY21

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