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NRIs to boost forex inflow
Non resident Indians have responded to the imposition of US sanctions on India by mobilising funds. The NRI 100 movement has appealed to the million strong NRI community in the US to send more money home to help keep stabilise the country’s economy. The movement’s founder John Binny has estimated that if one million NRIs were to send an extra $100 home for the next 12 months the forex inflow would increase by $100 million each month and $1 billion in the next year. He claimed this increase in the forex reserves will help see the country through the economic crisis.