'Sending Money Home' Project for UK NRIs
The UK govt has launched the Sending Money Home Project to help NRIs remit funds home.india Updated: Mar 06, 2006 17:49 IST
The British government has launched a project to educate and facilitate Non-Resident Indians to remit funds home at cheaper rates.
The Deputy High Commissioner, Ranjan Mathai, launched a leaflet in the House of Commons last night, which contains information on the choices of money transfer products and services available for Indians to send home money.
The project also includes a website, www.Sendmoneyhome.Org.
Deborah McGurk, Senior Economic Adviser, Asia Directorate, Department for International Development (DFID), which is undertaking the endeavour, said money sent home could provide up to half of the budget for poorer households in developing countries.
India received a staggering USD 22 billion through NRI remittances last year, more than any other country in the world, a World Bank report has said.
McGurk said the "Sending Money Home" project aimed to provide comparable, easily accessible information on the products and services available.
"Both the website and leaflet give clear, objective information on UK banks and money transfer operators who offer services to India; their costs, exchange rates, speed of transfer and security," she said.