CA Pratibha Goyal | Feb 7, 2023 |
Foreign remittances from abroad totaling $89,127 million in FY 2021–2022; Highest from United States
In 2021–2022, India received remittances from abroad totaling $89,127 million, the biggest amount ever for a single year. In a written response to a question in the Rajya Sabha today, Union Minister of State for Finance Shri Pankaj Chaudhary made this claim.
The information on inbound remittances for the previous five years is as follows.
Source: RBI
The Minister clarified that there are no country-specific statistics on remittances. However, according to a survey done by the RBI for 2020–21 through Authorised Dealers (ADs) banks, the share of major nations in inward remittances to India is as follows.
Source: RBI
The RBI closely monitors the foreign exchange markets and only intervenes to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any predetermined target level or band, the Minister of Finance added. The value of the Indian Rupee is determined by the market.
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