4  BIS central bankers’ speeches  As the consumption tax will be raised to 8 percent from 5 percent this April, it is expected that there will be a decline in demand after the tax hike following the front-loaded increase in demand prior to the tax hike.
Apart from remittances and deposit & investment related transactions originating from the growing Indian diaspora, India has been witnessing a significant increase in trade finance and outward direct investments. In other words, banks will need to gear up to reap the benefits of increasing business arising out of globalization of India and resident and non-resident Indians;  xiv.