There are many Indians who live in different countries like US, Malaysia, Singapore, Gulf countries, etc. World Bank has published the report that Overseas Indians have sent the highest amount of foreign currency in India in 2012. As per the reports of World Bank, India has become the biggest recipient of global remittances in the world by receiving $69 billion in the year of 2012! Main cause of high value of remittances in India in the year of 2012 is due to the quick fall in the value of rupee in 2011 as per the World Bank report. From the 2008, India is leading as the recipient of remittances by leaving back China.
In the financial terms, an overseas remittance is nothing but the money sent to families by migrants who work in different countries. Besides India, China, Philippines, Mexico, and Pakistan, other countries also receive large amount of remittances by their people who live in other countries. Remittances help to increase the leaving standard of people and to achieve the Millennium Development Goals of country. World Bank stated that migrants send money and goods with the help of different informal channels and so actual value of remittance is more than official value of remittance.
As per the report of World Bank, India received $69 billion in 2012 from different source countries that are ranked below as per the remittances received:
Rank 1: United Arab Emirates comes at the 1st place. From the Indians who live in the UAE, India has received $14,255 million in remittance.
Rank 2: Indians who are working in different offices of United States have sent back nearly $10,844 million to India.
Rank 3: From the Indians who are living and working in the Saudi Arabia remitted $7,621 million to India.
Rank 4: All UK-based Indians sent back $3,904 million in their home country, India.
Rank 5: $3,145 million remitted from the Indians living in Bangladesh.
Rank 6: Indians who are living in the Canada sent $3,145 million back to India.
Rank 7: Even from our neighbor country Nepal, Indians living there sent $2,934 million to India.
Rank 8: All Indians living in Kuwait remitted $2,673 million to their home country.
Rank 9: Indians from Oman send back $2,373 million in India.
Rank 10: According to the report, Indians living in Qatar remitted around $2,084 million to India.
Rank 11: From Sri Lanka, Indians sent nearly $1,283 million to their home country India.
Rank 12: Indians who are resident of Australia have sent back $1,113 million to India.
Rank 13: All Singapore-based Indians have remitted $1,245 million back to home.
Rank 14: Bahrain based Indians remitted $690 million to India.
Rank 15: All Indians living in Italy remitted $572 million to their family in India.
Rank 16: According to the reports, Indians of Malaysia sent back $493 million in their home country.