BANKING of The Mystery BY MURRAY N. ROTHBARD
Beginning in the 1970s, the growth of remittances to India took place alongside the increased
migration to the oil-producing countries of Western Asia, India and Pakistan are the largest suppliers of
non-Arab labour (Premi and Mathur, 1995). Remittances from the oil-producing countries of Western
Asia to India increased from virtually nothing to 51 per cent of total remittances by 1988. In 1991, they
represented 40 per cent of total remittances received in India (Premi and Mathur, 1995).
Remittances sent to many Asian countries are used primarily for basic expenditure. The funds...
