As rupee falls, remittances from abroad take wing
CHENNAI/KOLKATA: Economists may have an extra crease between their brows every time the rupee falls by a decimal, but there are pockets in the country that are getting a windfall — pensioners' paradises.
With the rupee hitting new lows every day, senior citizens who bank on their NRI children to meet their monthly expenses find that they have a few thousand rupees more in their bank accounts.
The landscapes may be different but walk into any Mylapore lane in Chennai or Bagh Bazaar in North Kolkata and what strikes you is the number of elderly who sit on their patios.
"Most of our neighbours are over 60 with children staying abroad. Although very few of us depend entirely on our children for money, they do send us cash frequently," said S Ganesan, a retired government employee in Mylapore. His software engineer son in California sends him $600 every second month. "Many of us are closely following the rupee fall and it has become a subject of discussion during our evening walks," he smiled.
Sulochana Mahalingam knows little about bonds and equities that have been driving the country's economists up the wall. "All I know is in the past few days my relatives have been telling me I'll become richer," said the 58-year-old, whose software engineer son signs cheques for 12 months whenever he files down from the US. "I use the money to meet my monthly expenses. If I get the extra money, I'll go on a pilgrimage to north India," she added.
Money from overseas is either deposited into their bank accounts or through direct money transfer. Sometimes children give post-dated cheques to their parents during their annual visits or through courier.
For many senior citizens, the inflation pinch they'd been feeling for the last couple of years, has eased over the past few months. "It's as though we are getting an increment every month," said Ruma, a resident of Ballygunge Place, Kolkata.
The $500 a month that her son Aniruddha, a post-doctoral fellow at the University of Florida, has been sending has swelled in value from Rs 21,000 three years ago to Rs 31,000 now.
Not all senior citizens have welcomed the news. Some like 64-year-old Janaki Padmanabhan, a retired school teacher of Nerkundram, is skeptical. "This is useful for my family but I don't think it is good for the nation. The prices of essential commodities will invariably go up. The money we get from our son will be just right to meet our expenses," she said. Her son stays in Utah. "But if we do have extra money, we'll get to pay off our house loan and probably go on a holiday."
Mahuya Paul and Ambar Basu, both doctoral fellows and assistant professors at Southern Florida University, are glad they are able to give their parents in Kolkata some extra relief without it pinching their pocket. "We try to send $450 to each set of parents. But there have been occasions when we have felt guilty about not being able to contribute more. I guess, now is the time for compensation,'
nagesh dubey
pgdm 1
With the rupee hitting new lows every day, senior citizens who bank on their NRI children to meet their monthly expenses find that they have a few thousand rupees more in their bank accounts.
The landscapes may be different but walk into any Mylapore lane in Chennai or Bagh Bazaar in North Kolkata and what strikes you is the number of elderly who sit on their patios.
"Most of our neighbours are over 60 with children staying abroad. Although very few of us depend entirely on our children for money, they do send us cash frequently," said S Ganesan, a retired government employee in Mylapore. His software engineer son in California sends him $600 every second month. "Many of us are closely following the rupee fall and it has become a subject of discussion during our evening walks," he smiled.
Sulochana Mahalingam knows little about bonds and equities that have been driving the country's economists up the wall. "All I know is in the past few days my relatives have been telling me I'll become richer," said the 58-year-old, whose software engineer son signs cheques for 12 months whenever he files down from the US. "I use the money to meet my monthly expenses. If I get the extra money, I'll go on a pilgrimage to north India," she added.
Money from overseas is either deposited into their bank accounts or through direct money transfer. Sometimes children give post-dated cheques to their parents during their annual visits or through courier.
For many senior citizens, the inflation pinch they'd been feeling for the last couple of years, has eased over the past few months. "It's as though we are getting an increment every month," said Ruma, a resident of Ballygunge Place, Kolkata.
The $500 a month that her son Aniruddha, a post-doctoral fellow at the University of Florida, has been sending has swelled in value from Rs 21,000 three years ago to Rs 31,000 now.
Not all senior citizens have welcomed the news. Some like 64-year-old Janaki Padmanabhan, a retired school teacher of Nerkundram, is skeptical. "This is useful for my family but I don't think it is good for the nation. The prices of essential commodities will invariably go up. The money we get from our son will be just right to meet our expenses," she said. Her son stays in Utah. "But if we do have extra money, we'll get to pay off our house loan and probably go on a holiday."
Mahuya Paul and Ambar Basu, both doctoral fellows and assistant professors at Southern Florida University, are glad they are able to give their parents in Kolkata some extra relief without it pinching their pocket. "We try to send $450 to each set of parents. But there have been occasions when we have felt guilty about not being able to contribute more. I guess, now is the time for compensation,'
nagesh dubey
pgdm 1
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