India remains highest remittance recipient in 2005

Kochi, May 2 (UNI) Firming up its position as the highest recipient of overseas remittances, India received nearly 21.7 billion dollars in global remittances last year.

The inward remittances grew by nearly 32 per cent in 2005, compared to 2004, as the 22 million Indians abroad ensured an increased flow of foreign exchange to the country, ahead of Mexico, the Philippines and China, UAE Exchange CMD B R Shetty said today.

Addressing a press conference here on the occasion of the company launching its online internet based stock trading service in India today, Mr Shetty said that 60 per cent of these remittances came to Kerala.

The company was expecting a growth of 20 per cent in inward remittances this year, he added.

On the launch of its online stock trading service, Mr Shetty said that the company was currently registered with the National Stock Exchange and would become a member of the Bombay Stock Exchange within a year.

With the launch of the online trading service, customers in India and abroad could log in free of charge and do trading at ease, sitting at home or at office.

He said the UAE Exchange, which started its money transfer operations in India in 1999 and stock trading services in 2000, was planning to convert all its 200-odd branches in the country to ''one stop financial shopping malls'' for all services.

These services will include money tranfer and exchange, cash against cards, mutual funds, stock trading, insurance, air ticketing, tours and courier services.

Also on the occasion, Chief Operating Officer Sudhir Kumar Shetty picked up the five winners of the monthly lucky draw scheme that the company is running for the beneficiaries of its 'Xpress Money Transfer' services till June 2006. Each of the winners will get a free return ticket to the destination from where the remittances originated.

UNI ARC DK1649