Taking the benefit of high interest rates and a sharp fall in the rupee’s value, non-resident Indians (NRIs) deposited a record $3.2 billion into bank deposits in April.
They had placed a mere $407 million in April a year ago.
NRI deposits had seen inflows of $2.18 billion in March 2012, according to Reserve Bank of India data.
NRI’s brought $11 bn into bank deposits during 2011-12, against $3.2 bn in 2010-11. Their deposits in the banking system stood at $58.8 bn at the end of April 2012, up from $52.3 bn a year before.
Two most prominent deposits where NRIs park money are non-resident external (NRE) rupee accounts and foreign currency non-resident (banks) {FCNR(B)} accounts. In the case of NRE accounts, the amount is kept in rupees. While money is repatriable, the NRI bears the exchange risk while moving money abroad.
Gold price is still not stabilized in India like everywhere else. After going down, the g
Gold price opens lower in Hong Kong
The gold price in Hong Kong went down 180 HK dollars to open at 12,720 HK dollars per tael on Thursday, according to the Chinese Gold and Silver Exchange Society.
The price is equivalent
Market Cap Indices Turn Red at Qatar Exchange
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WEF to focus on challenges
Leaders from the Middle East and North Africa in business, economics and politics will focus on the aftermath of the Arab Spring as they gather for the World Economic Forum in Jordan this weekend.