Oil prices take toll on remittances

Context: According to RBI data, Indians remitted $15.8 billion during 3rd quarter of 2016, the lowest in 18 quarters
Reason: This reflects the flip side of the sharp fall in global crude oil prices
If prices remain low for an extended period, the fall in remittances could prove to be more than a one-off
Remittance is India’s most stable source of dollar inflows & a big positive for the country