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NRI remittances touched the magic figure of USD 24.1 billion in 2005-2006, making India the largest recipient of personal money transfers in the world. Remittances and flow of funds from migrant workers to India is a key resource in its emerging economy. Remittances from NRIs and the deposits maintained by them form a generous component (about 23%) of our external reserves. A working report by the RBI on the cost of NRI remittances in May 2006 found that money flows are determined by the economic health in the host country. 

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