KATHMANDU, Sept 28: Many may not believe it but Nepal is the seventh largest country to send remittance to India.
According to PewReserchCenter, remittances worth $3.34 billion were sent from Nepal to other countries in 2012. Out of $3.34 billion, Nepal sent $3.22 billion to India alone, the research stated, adding that China is the second largest country to receive remittance from Nepal.
Likewise, India received $69.35 billion in remittances from other countries in 2012, the research stated, adding that Nepal is the seventh largest country to send remittance to India.
India also sent $11.06 billion in remittances to other countries in 2012, the study noted. International migrants sent $529 billion in remittances back to their home countries in 2012, according to the World Bank. The United States is the number one sender of international remittances, accounting for nearly a quarter of them (23.3 percent). India ranks at the top of all countries that receive remittances, receiving $69 billion in 2012.
Tracking remittances worldwide is difficult because many countries do not track funds that are sent or received. Based on data it is able to collect, the World Bank has used a statistical model to estimate the amount of money coming from each sending country to each receiving country. Because these numbers are estimates, there is some room for error, it claimed.
The study also noted that the patterns of global migration has shifted in recent decades and those changes, along with the ups-and-downs of the economy, have also resulted to changes in the flow of remittance -- the money that migrants send back to families in their countries of origin.
Published 28 September 2015. Republica.