Diwali is the largest celebration for the Hindus on India. On the other hand, Eid-ul-Fitr is the largest celebration for the Indian Muslims. This year, these two celebrations are taking place almost in the same week. So, many Indians living in Qatar sent money. The interesting thing is that Indian Rupee recently gained strength against Qatari riyal but that did not discourage Indians to send money to India.
“The rupee was quoting at 12.34 per Qatari riyal yesterday gaining two to three points overnight, but Trust Exchange managed by India's largest bank, the State Bank of India, here said the business this festive season was more than what it was last year.
"I would say the remittances were 10 per cent more compared to last year," Trust Exchange's general manager, Brahma Rao said. There were more volumes than numbers, he added. Low-income Indians, according to him, relied mostly on Western Union which remits fast cash around the world.”
In South Asia, family bond is very strong. That is why Indian people did not mind the loss they suffered from Rupee becoming stronger. Instead, may of them are happy that they could send the money for their loved ones. It is good for the Indian economy too.
Related Article
I think the act of sending money might have more to do with financial health of loved ones back home, as opposed to pure and simple familial bonds.
After all, we can't have our relatives showing the world they are any less than their more well-off neighbours, right? :P
Posted by: The Enigma | October 24, 2006 8:26 AM | Permalink to Comment