Immigration
NRI deposits highest ever at $1.7 bn in November
NEW DELHI, JAN 12. Overseas Indians have started fl ocking India markets with a weak rupee and high interest rates making them so attractive amid rising global uncertainties following the downgrade of US sovereign debt rating as the debt concerns in Europe that they have brought in highest ever amount in a single month .
Aggregate infl ows under various NRI deposits schemes touched $ 1.7 billion in November, the highest ever in a single month. The data refl ects the period before the Reserve Bank freed up interest rates in December, following which banks have raised the rates sharply bringing them on par with local rates.
NRIs have brought in a total of $ 6.4 billion so far this fiscal between April and November, compared to a mere $ 2.2 billion in the year ago period. However, a bulk of the infl ows-$5.1 billion- have come in only after August co-inciding with the deepening of the European debt crisis and the US sovereign downgrade.
Immigration News By
Dr Rory Hudson
Former Immigration Department legal advisor and Founding Member
Refugee Review Tribunal
