Tag Archives: RBI

Remittances to India rose to $66.13 bn in 2011-12

New Delhi: Remittances to India surged to $66.13 billion in 2011-12 as compared to $55.62 billion in the previous year, Minister of Overseas Indian Affairs Vayalar Ravi said Friday. Remittance flow has risen consistently in the last three years. In 2009-10, total remittance flow to India through private transfers was $53.63 billion, Ravi said in

Rupee notes come floating in Guwahati!

Guwahati: Monsoon rain which usually brings only water-logging brought riches in the form of floating Indian rupee notes in some parts of Guwahati on Monday. When most people were busy making their way through waterlogged streets, some residents, particularly in Chachal area, saw the currency notes come floating. The incident took place near Silsako Beel,

RBI intervenes as rupee slides to new low

New Delhi: Under pressure from the global financial uncertainty and weak domestic economic data, the Indian rupee sank to a record low for the fourth straight day on Thursday, hitting 54.30 against the dollar, but recovered later as the central bank intervened. As the rupee fell to another low, the Reserve Bank of India (RBI)

NRIs, resident Indians can open joint accounts

Mumbai: The Reserve Bank has allowed Non-Resident Indians (NRIs) to hold joint accounts with Indian residents. The RBI is liberalising these foreign exchange rules to help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax deductions, under the Foreign Exchange Management Act.