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Festive season, exchange rate spur remittances

It's again the season of transactions at exchange houses across the UAE, as the season of festivals has arrived.

Prosperous transaction rates have been offered on remittances to India is also a motive for many Indians throng money exchange houses in the UAE, said money exchange officials.

As it's the beginning of the festival season for the Holy Month of Ramadan, Onam fest in Kerala followed by Eid celebrations, Indian expatriates in the UAE are busy sending money back home.

According to Abid Adivaram, a Dubai based Indian business entrepreneur, the increase in the traffic of transactions to Kerala has another reason too. He opined, "The upcoming amendments in land registration laws in the State, as the Kerala government is planning to hike tax and fee rates to register lands and other properties. So, it's the right opportunity to Keralite expatriates to remit huge amounts to buy lands and other assets, before the law comes into effect."

The festivals such as Kerala's national festival Onam, the Holy Month of Ramadan, and Eid, come after a short break of the school vacation season, gives exchange houses a brisk business. It's also the time, when many bachelors and low-income group working in the UAE plan their annual vacation.

Zameer A. Punjabi, Business Development and Marketing Manager at Al Fardan Exchange said, "Indian draft rate seems to be achieved a very considerable improvement since the last couple of weeks. It happened to be great news for the Non Resident Indians as well as the exchange companies, as the NRIs in this part of the world had been waiting for it for a long time. For a few months back Indian draft rate had even touched 10.50 and now it has started moving towards 12 which is a bigger change."

"Many customers were holding big amounts in wait for this time and now they have started remitting the money. We receive hundreds of rings at our call centre mainly enquiring about the INR (Indian rupees) rate. We expect that the trend will continue for sometime and even it will boost the business during month of Ramadan and for Eid."

Tasnif PK, branch manager at Al Ansari Exchange said, "After the scenario has been changed, many Indians visit us to send bulk amounts including their savings, which they kept for sending to India on a favourable opportunity. To utilise the circumstance, some others arrange personal loans and transfer it for buying properties and lands. We had made a 1.5 million single transaction to India a couple of days ago."

"Our transactions have been increased by 30 per cent due to the good rate available to India. Out of the 30 per cent, 20 per cent is based on transactions.

Source: Gulf Today
Posted: 01/09/2008

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