Remittances by NRIs from Punjab grow up to 10% on weak Rupee

Q: CHANDIGARH: With the rupee witnessing a record fall against the US dollar, the flow of remittances by NRIs from Punjab has risen by up to 10 per cent in the last three months to benefit from the higher exchange rate.

"Yes, there has been an increase in remittances by NRIs (who migrated from Punjab and Chandigarh) in the last three months in the wake of weak rupee against US dollar," Aruna Singh, handling Inward remittances at Paul Merchants Ltd, told PTI here.

Paul Merchants is a city-based company, having interests in global money transfer and foreign exchange businesses.

She said: "On an average, there has been a growth of 5-6 per cent per month in remittances in the last three months. And when rupee crossed the 68 mark against dollar, the flow went up by 10 per cent."

Industry insiders revealed that some of NRIs even borrowed funds at a cheap rate and sent back to India to earn more money.