India Received Around $89127 Million, Highest Ever Remittances In 2021-22

India received foreign inward remittances of USD 89,127 million in 2021-22, which was the highest ever received in a single year, Union minister of state for finance Pankaj Chaudhary informed Parliament on Tuesday.

Pankaj Chaudhary stated this in a written reply to a question in Rajya Sabha.

In 2017-18, the remittances were at USD 69,129 million, and have been rising since, the minister said, quoting RBI data.

The Minister, however, stated that country-wise data on remittance are not compiled.

However, the minister shared the data of major countries in inward remittances to India. The US, UAE, the UK, Singapore, and Saudi Arabia are the top five major countries from where India receives such payments.

Further, on the value of the rupee, the minister stated that the value of the Indian rupee is market-determined and the RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

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