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<a href="http://www.accessmylibrary.com/coms2/summary_0286-22284651_ITM" title="Facts and information about RBI DEBUNKS NRI INFLOW MYTH (nonresident Indian remittances for arbitrage gains is not the reason for foreign exchange reserve growth).">RBI DEBUNKS NRI INFLOW MYTH (nonresident Indian remittances for arbitrage gains is not the reason for foreign exchange reserve growth).</a>
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RBI DEBUNKS NRI INFLOW MYTH (nonresident Indian remittances for arbitrage gains is not the reason for foreign exchange reserve growth).
(From India Business Insight)
Department of Economic Analysis and Policy (DEAP), Reserve Bank of India (RBI), conducted a study of foreign exchange reserves. It identified exports of merchandise and software, and increased private remittance as major contributors to the growth in the reserves. The study discounts nonresident Indian (NRI) remittances for arbitrage advantage of interest rates in India over USA as the reason for the growth. The reserves grew from $54.1 billion on 1 Apr 2002 to $72.4 billion on 17 Jan 2003, against a growth of $6.9 billion in the ...
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