Patna,(BiharTimes): Though economists are concerned over the slide in the value of rupee in the last several weeks it is benefiting at least one section of the people in the country––the remittance-earners.
Family members of people working in the United States, United Kingdom, Australia, Middle East etc are a much happier lot as they are getting much more money at home than they used to get several months––or even weeks––back.
Till a couple of months back one dollar was equal to around Rs 55, now the rate is hovering around Rs 65. So if a person sends $ 1,000 from the United States back home his relatives would now be getting Rs 65,000 instead of Rs 55,000 sometimes back.
But more than the western countries it is from Gulf that maximum amount of remittance money is coming. Bihar is one the major beneficiaries as a large number of workers earn their livelihood there. Unlike in the west, where people often live with their families in the Middle East a large number of people lead a bachelor life and sends back whatever they earn.
Siwan, Gopalganj, Darbhanga, Patna etc are among the leading remittance earners of the state.
According to an estimate Siwan is the second largest earner of foreign currency in India.
It is estimated that around Rs 4,500 crore is deposited in various branches of different banks in Siwan district every year and 40 per cent of this amount is remitted from abroad. It is in Siwan that largest amount of money is transferred through Western Union.
As dollar one dirham––the currency of UAE––was around Rs 14.50 in February last. Now it is around Rs 17.50. Similar is the case with riyal, the currency of Saudi Arabia.
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