More remittances allowed into India
There's some good news to report for people who routinely send money to India, as officials in the country are allowing more remittances in to help spur its economy.
According to Dow Jones, India's central bank – the Reserve Bank of India – recently more than doubled the number of remittances non-resident Indians can make to family in India in a given year, as the maximum number of permitted money transfers increased from 12 to 30.
Economists say that one of the reasons why the RBI decided to do this was to support the rupee, which has lost a considerable amount of value in recent months, down 10 percent when compared to the U.S. dollar, Dow Jones reports. In addition, since June 2011, the value of the rupee has diminished 20 percent.
The higher limit on number of transactions makes it easier to send money home to support your families in India
With Indian officials permitting more remittances to be sent to the country, you may want to consider sending your next money transfer with Xoom. While there may be a lot of money transfer services available, people choose Xoom to send money to India because of how simple the process is, not to mention affordable and fast.
Xoom offers bank deposits within 24 hours for almost all bank accounts in India, including Axis Bank, Citibank, HDFC, ICICI, Punjab National Bank, SBI, State Bank of India, and several others. Plus you can get great locked-in exchange rates and "fee-free money transfers" when you send more than $1,000.
Xoom is confident you'll like what you find when you send your money with today's best online money transfer service. You'll be even more impressed with how fast delivery is.