New Delhi: Non-resident Indians (NRIs) are also happy with the galloping economy of the country. Perhaps this is the reason why he made a new record of depositing or investing money in India this year. In April-August this year, NRIs deposited or invested an amount of $ 7.8 billion (about Rs 66 thousand crore) in various schemes. This is double compared to the same period a year ago. This information has been given by the Reserve Bank of India (RBI) in its new monthly bulletin. In the same period last year (April-August), NRIs had deposited an amount of $ 3.7 billion. This time the deposits have increased in both dollar and rupee terms. NRIs have deposited this amount in banks and many investment schemes. The increase in deposits by NRIs reflects high returns and strong fundamentals in the Indian markets.
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Where and how much amount was deposited?
Of the $7.8 billion deposited by NRIs, $3.5 billion was deposited in FCNR (B). This amount is deposited in dollars. Whereas $2.5 billion was deposited in NRE (RA). This amount is deposited in the form of Rs.
Investors deposit money in NRE (RA) when they expect the rupee to strengthen in the future. This is so that when the scheme matures, they can take more dollars back home. Usually such schemes are for a period of one to five years.
Reasons to invest in India
- The increase in deposits by NRIs shows that India has stable returns compared to other countries in the world.
- India’s economy is relatively strong compared to many other countries. The central bank’s new monetary policy report shows that India was the fastest growing economy in the April-June quarter.