Remittances seen crossing $70bn in 2012

With the Reserve Bank of India (RBI) allowing people to receive money more than twice a month from abroad, the companies facilitating transfer services are set to cash in, too.

The relaxation, coupled with a weak rupee and high domestic rates, are enough to boost remittances to India, which may translate into high revenues for money transfer operators.

RBI, in a circular last week, said the inward remittance limit had been increased from 12 to 30 per year. The cap on the amount of each transaction stands unchanged at $2,500.

Remittance road map
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• RBI, in a circular, said inward remittance limit had been increased from 12 to 30 per year
   
• The cap on the amount of each transaction stands unchanged at $2,500
   
• Remittances to India to cross $70 billion in 2012 as NRIs profit from a weak rupee & high interest rates
   
• The World Bank had increased the 2011 estimates on remittances to India from $58 billion to $64 billion

Experts say remittances to India are expected to cross $70 billion in 2012 as non-resident Indians (NRIs) take advantage of a weak rupee and high interest rate levels.