Dena Bank's arrangement to help NRIs sending their money easily

Mumbai, Sep 16 (UNI) With the launch of the rupee drawing arrangement by Dena Bank in association with UAE Exchange Centre, a subsidiary of NMC Group, here today, the NRIs living in Middle East can easily remit their money to their near and dear ones living in India.

Talking to the media persons after launching the arrangement in presence of the UAE Exchange Centre's CEO&MD Dr B R Shetty, Dena Bank Chairman and Managing Director P L Gairola said his bank has designated 200 branches for this payment arrangement which will ensure fast, convenient and safe mode of remittance to the neneficieries.

As per the arrangement which is meant only for inward remittance in India, the drafts will be drawn in Indian rupees and proceeds of the drafts can be credited to NRE/FCNR (B) account by conversion, he added.

Permittance for trade transaction limit is upto Rs two lakh per transaction, he noted.

Mr Shetty said that in toto, a sum of US dollars 25 billlion was being remitted by the NRIs living in the Middle East out of which 12 per cent was being sent from UAE alone.

He hoped that the new arrangement would be helpful to them in sending their money to India.

Under the arrangement, the drafts can be drawn in favour of individuals for payment of insurance premium, for investment in UTI, for acquisition of residential flats and even for payment of subscription towards saving schemes of the Government of India.

UAE Exchange Centre, which is the leading exchange centre in UAE, has a market share of 60 per cent. It has 38 branches in the Middle East catering to 28,000 customers. The branches remit a sum of Rs 34 crore per day, he added.

UNI KKD SSS VKG1850