http://in.rediff.com/money/2005/apr/16nri.htm
NRI remittances touch $23 billion April 16, 2005 18:34 IST Indian workers' remittances to the country from abroad have soared considerably over the years to touch $23 billion in 2004, according to World Bank statistics. According the latest Global Development Finance report prepared by the World Bank, India received $17.4 billion in 2003 from the workers living and working in other countries. The latest figures place India much ahead of China and other developing countries like Mexico and Brazil. At the exchange rate that prevailed in 2003, the inward remittances amounted to about Rs 84,000 crore (Rs 840 billion), which was more than double the amount that government collected as income tax during the financial year. informal channels, such as hawala, are not captured in the official statistics but are believed to be quite large, the report points out. Cheers, Gabe Menezes. London, England
