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<a href="http://www.accessmylibrary.com/coms2/summary_0286-22284653_ITM" title="Facts and information about RBI STUDY DEBUNKS NRI INFLOW MYTH (disproves that growth in foreign exchange reserves is owing to nonresident Indian remittances).">RBI STUDY DEBUNKS NRI INFLOW MYTH (disproves that growth in foreign exchange reserves is owing to nonresident Indian remittances).</a>
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RBI STUDY DEBUNKS NRI INFLOW MYTH (disproves that growth in foreign exchange reserves is owing to nonresident Indian remittances).
(From India Business Insight)
Department of Economic Analysis and Policy (DEAP), Reserve Bank of India (RBI), conducted a study of foreign exchange reserves. It has disproved that growth in the reserves was owing to non- resident Indian (NRI) remittances to take advantage of higher interest rates in India. The interest rate for NRI foreign currency accounts (FCNR-B) is 25 basis points less than London inter-bank offered rate (Libor), and on NRI convertible rupee accounts (NRE-deposits), 4.5 percent to six percent. The interest ...
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