Monday, November 5, 2007

Our workers in Gulf have to compulsorily save for their retirement and for returning to India

Strong Re & remittance-dependent families

Much has been written about rupee appreciation and its adverse impact, especially on exporters. Not enough, though, has been discussed about a huge section of the population that is dependent on foreign remittance, observes Mr Bhaskar Rao, Executive Director, Wall Street Finance Ltd, Mumbai.
“These people have lost their income by almost 20 per cent as compared to last year. This, coupled with the inflation and the high interest rate, has seriously affected them,” he adds during the course of an e-mail interaction with Business Line. “Rupee has appreciated beyond sustainable levels. The exchange rate is not justified by its fundamentals at the current level.”
Mr Rao, who was earlier CEO of the company, has about 25 years of experience in the banking and financial services sector, covering areas such as forex, treasury and global money remittance. Wall Street Finance Ltd is involved directly with the end-customers as a service provider for remittance.
Excerpts from the interview:

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