Remittances to India rose to $66.13 billion in 2011-12

Remittances to India surged to $66.13 billion in 2011-12 as compared to $55.62 billion in the previous year, Minister of Overseas Indian Affairs Vayalar Ravi said Friday.

Remittance flow has risen consistently in the last three years. In 2009-10, total remittance flow to India through private transfers was $53.63 billion, Ravi said in a written reply in parliament.

Referring to a study by the Reserve Bank of India (RBI), the minister said Gulf countries accounted for 27 percent of total remittance inflows to India during the first half of 2009-10.

Ravi said the government has launched an initiative called "Mahatma Gandhi Pravasi Suraksha Yojana" to help in resettlement of the overseas Indians.

"By providing a co-contribution from the government, this scheme encourages and enables overseas Indian workers to save for their return and resettlement and to save for their old age. This also provides a free life insurance cover against natural death during the period of coverage, under the scheme," he said.