Bangladesh becomes 4th largest remittance source for India (official figure $10 billion)

[Shahzaz ud din]

That is official figure, unofficial figure is much more. Unofficial figure is 1.5-2 million Indian are living in Bangladesh illegally.

No one is saying a BD business man invested money in India.

Its like this. Imagine, you are a corrupt police officer in India. You have collected 10 Carore indian rupees in bribe over 20 years of your service. You want to invest it in real estate or something else. What do you do?

1. You start a partnership of ficticious names in India.

2. You go to a money changer. Ask him how can you show money as being remitted. He tells you that latest trend is by showing it as remittance from BD. Because India BD cooperation for money laundering is lax.

3. You give him 8 Cr. He says he will take 20 lakh for the service. He gets traveller cheques, cash and other money instruments made in BD using his 'contacts'. All in fictitious names.

4. All those are deposited in accounts owned by the shell partnership owned by the corrupt police officer.

5. He uses that money to buy real estate in the name of NGO/Parnership he has established in the name of non-existant people.

The number show up in RBI audit but no one knows where it came from.

Its way too common. And often happens.
Don't believe me?

http://www.pewglobal.org/interactives/remittance-map/

go here.
Take country as india.
Take inflow.
Point at nepal.
Be surprised at inflow of remittance in India from Nepal.
And this one is Legal/Documented.

But But why Indians are hiding after this NEWS!!!

 

[Shamsher1990]

@Shamsher1990 the biggest component of the hundi is illegal import of goods to Bangladesh , under invoicing and sometime over invoicing which has negligible import duty, drugs that is coming from India, cow trade, second is the money that is sent by Illegal Indian, 3rd capital flight by local Bangladeshis mainly Hindus. There may be tiny portion may originate from India. The main money that comes from India is for gold smuggling or using Bangladesh as gold smuggling route, smuggling petrol, diesel etc as these are cheap in Bangladesh etc. In all these scenarios Bangladesh is losing money.

All of these things which you are mentioning are essentially organized crime. Rest assured, if you look it from India's side, it will be an even larger money pile leaving country to pay for all these illegal activities. That said, like any other organized crime, these cannot happen without support from local Bangladeshis, in police, in customs and borders, in politics and everywhere. These are not something which immigrants --legal or illegal-- can do without massive support of locals. It is same with India or US. In India, a large amount of illicit items enter, via Nepal, BD, Mayanmar, Pakistan and money moves out of country to pay for them. Nothing new. I don't think this is an activity which is eating away BD's economy, rather it is the unaccounted economy. It is present in all countries.


BTW, I do not know how you arrived at the ranking of these 'trades'. Or if they are operated by 'Illegal Indians'. By very virtue of illegality, they are hard to estimate and characterize. Do you have access to some data which rest of us don't?

But But why Indians are hiding after this report !!!

Which report?

 

[Nilgiri]

America & UAE have a bigger economy and can host lot many ppl. Even then their contribution is only around $12 billion.

If you say remittances from bangladesh is more than those big economies which have ppl who work with higher pay and advanced industries then it must also be true that bangladesh economy is bigger than US & UAE

Its just that blind arrogance & jealousy mixed with religious hatred but no facts whatsoever brings out such rubbish conclusion.

@Nilgiri few trolls of BD have deduced that BD's economy rivals that of US.

Its best to let the reality unfold....stuff like what Bangladeshis earn in UK and US (frontier free market economies of today) and their poverty level there etc....and their continued thin skinned whining complex here says enough.

Fake numbers and botched analysis help to perpetuate in the interim....like a frog talking about his oceanic sojourns, but in reality its stuck in its dilapidated fecal run-off well.

So are you saying $ 10 Billion were sent from Bangadesh to India??? and Indians come to look for jobs in BD and than send money back home to support families??

So difficult to believe for some one like me who always thought that India was a economical hub of the region where people from small neighboring countries come for jobs and better future.

Nope...most of these hawala payments are for goods smuggled into Bangladesh from India that of course are not circuited through proper payment channels.

BD trade deficit with India is massive officially, and even more massive unofficially.

 

[EastBengalPro]

The below is 2013 report from Silicon India

15 Nations Sending Highest Remittances to India

Bangalore: Money is the most basic requirement for our well being. Most of the Indian parents sent their children to other countries for their higher education and for job purposes.



Infact, the amount of salary a person earns not only depend on his hard work and dedication but also depend on the country he is living in.



There is a certain amount that Indian parents get from their children who are residing in other countries. Yahoo has listed out 16 of those countries that Indian expats send their money to their family in India.

1. United Arab Emirates



There are millions of Indians staying in UAE and majority of them lives in cities like Dubai, Abu Dhabi and Sharjah. It is reported that most number of Indians are willing to go to UAE because of the different opportunities that are offered in the field of petroleum, construction and other industries. India received about $14,255 million as remittance from United Arab Emirates.

2. USA



This country needs no introduction. It is said that America is a country that never sleeps. It is the most developed country in all the aspects, be it science, technology, natural resources, a well-developed infrastructure, and high productivity.



Indian expats who are working or settled in USA remit a whopping $10,844 million to India.

3. Saudi Arabia



The total Indian population count in Saudi Arabia back in 2000 was more than 1,500,000, which constitutes seven percent of total Indian population. Report shows that, people who work in Saudi Arabia send $7,621 million to their home as a remittance.



Apart for that, in fresh trouble for Indians in Saudi Arabia, the authorities in Saudi Arabia have refused to accept new passports issued by Indian diplomatic missions.

Saudi Arabia authorities have declined to transfer data from old passports to the new ones submitted by Indian expatriates for updating, saying they have not received any official information on modification.



(With PTI inputs)

4. U.K.



It is one of the countries that is well developed and is the sixth largest economy in the world after Germany and France. U.K. offers outstanding opportunities in the field of education and occupation for the Indians. Research shows that about 66 percent of Indian girls achieved five or more general certificate of secondary education passed at the grades of A to C. This rate was better when compared to the white girls that were 55 percent.



Infact, Indian expats who stay in U.K send $3,904 million to their home yearly.



5. Bangladesh



Bangladesh is a developing country and is the eighth most populous country in the world. It is reported that there are Indians who are staying in Bangladesh and there are about 500,000 Indians presently residing.



People who are migrating to Bangladesh illegally are from West Bengal, Meghalaya, Assam, Tripura and Mizoram. According to the government authorities of the country, most of them come in search of job opportunities and mostly work in NGOs, garments and textile industries.



These Indians remit $3,716 million to their home country and the number is expected to increase in next few years.

6. Canada



Indian expats who are staying in Canada send home as much as $3,145 million.



Canada is a North American country that has the world’s eleventh largest economy. It is one of the countries that exports energy.

7. Nepal



Nepal is a country that had been a part of India and was later separated and became a separate country. We find a lot of Nepalese who are residing in India for their education purposes.



Since Nepal was a part of India, there are Indians who still have continued to stay because of many different reasons. One of the main reason is work and business.



Indian expats who stay in Nepal remit $ 2,934 million to their home country, India.

8. Oman



It is said that there are more number of Indians residing in Oman than the local people. History shows that Indians have been staying from past 100 years.



Report shows that Indian expats who stay in Oman remit $2,373 million to India.

9. Qatar



The most fascinating thing about Qatar is that it has the lowest income tax. The economic growth of the country has been mainly contributed by petroleum and natural gas industries.



Qatar has been ranked as 10th on the list. Indians who stay in Qatar send $2,084 million to their home according to reports.

10. Sri Lanka



It is a country that has the highest GDP of $116 billion in terms of purchasing power parity. The country is known for its production of tea, rubber, coffee, sugar and other commodities. Since 2005, the per capita income has been increasing, which is one of the important signs of developing country.



There are lots of Indians who are residing in Sri Lanka and in most parts of the country people use “Tamil” language which is one of the major south India languages.



11. Australia



Indian expats in Australia send $1,245 million as the remittance to India. Since, Australia is a country that is rich in market economy; it provides a wide range of job opportunities to people.



Infact, most of the young Indians feel that Australia is the best place to pursue their higher education and other job opportunities.

12. Singapore



Singapore has the most highly developed market-based economy, and it is considered as one of the freest, pioneering, most aggressive, and most business-friendly nations in the world. The most fascinating aspect about Singapore is that it is the least corrupt countries in the world next to New Zealand. Indian expats send $1,113 million to their home country, India.

13. Bahrain



Bahrain is a country that is located on an island and has been recognized as a country that was first converted to Islam. In 2008, the London’s Global Financial Centres Index named it the fastest growing financial cities in the world.



Indians who stay in Bahrain are usually into the profession of extracting oil and petroleum. They usually send up to 690 million to their home country.



14. Italy



Italy is one of the countries that have high per capita income and low unemployment rates. Most of the Indians in Italy are into the business of dairy products. Of late, the trend might have been changed and Indians are employed in different areas of expertise. And they send $572 million to their home country.



15. Malaysia



Malaysia is a country that offers many opportunities for people across the world. Especially for youngsters, Malaysia has become their dream country to live in.



Indians who stay in Malaysia send up to $493 million to their families in India as remittance.

https://www.siliconindia.com/news/b...st-Remittances-to-India-nid-147518-cid-3.html