Kochi :

As the Ramzan season is all set to begin during the end of this month, remittances to Kerala is expected to rise 20-25 per cent than normal levels. Usually Ramzan is the period when the remittance to the state is high.

Normally remittances will be in the range of around Rs 5,000 crore in a month but during Ramzan season it is likely to go up to over Rs 6,200 crore. It is expected to surpass the Rs 85,000-crore mark in 2014.

To cash in on the opportunity, companies and banks are busy in formulating campaigns to rope in customers.

Industry sources said that fresh customers will also be added during the period.

The NRK population is 16.25 lakh and a sizeable number of people are Muslims. They normally send money back home for their relatives to celebrate the festival and to buy gifts, said Sudhakar, Chief Marketing Officer, UAE Exchange.

He added that since June, July, August is also a peak season, majority of the NRKs stay overseas as air fares are high during the period.

The money is being remitted through money transfer firms and banks.

“Kerala is one of the largest remittances receiving state in India. In 2013, non-resident Keralites have remitted Rs 75,000 crore. With Ramadan just round the corner, a significant increase of 20 per cent is expected this year. There has been a phenomenal growth in infrastructure requirements across GCC countries due to events such as Expo 2020, which in turn have boosted the percentage of overseas workers’ from Kerala,”  said Sudhesh Giriyan, Vice-President and Business Head, Xpress Money.

Out of the total NRK population of 16.25 lakh, as many as 14.26 lakh are employed. In Kerala, the lives of around 50 lakh people depend on these NRIs. The country which is home to maximum number of Malayalis is UAE (35 per cent), followed by Saudi Arabia (28 per cent). Most of  the NRIs from Kerala are from Malappuram (18 per cent).

source: http://www.newindianexpress.com / The New Indian Express / Home> Business> News / by Pramod Thomas / June 21st, 2014