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PM Modi is on a tour of Oman.

This country has come into discussion due to PM Modi's visit to Oman. This is the Arab country with which the three armies of India conduct joint exercises. Oman is also very popular among Indians. In the year 2024, 7 lakh Indians will come to visit Oman. At the same time, about 9 lakh Indians live here and are associated with some profession or the other. The qualities here have always attracted Indians.

This is the reason why a large number of Indians go there and spend openly. Not only this, Indians living in Oman are at number 9 in terms of sending money to their country. Know how much 500 Omani Rials from Oman becomes in India.

Does 500 Omani Riyal make a millionaire?

Omani Rial is the official currency of this country. It is represented by OMR code, just as INR code is used for Indian currency. The work of controlling the currency here is done by the Central Bank of Oman. How powerful the currency of Oman is can be seen from the fact that 1 Omani Rial of this country becomes 235 rupees when it comes to India. At the same time, 500 Omani Rial comes to India and becomes Rs 1,17,549. In this way, 500 Omani Rials here can make an Indian a millionaire.

Oman's currency is counted among the most powerful currencies in the world. There are many reasons for this. Such as oil and gas resources, limited money supply and stability of the political system.

Omani Rial.

How often did the currency change here?

The currency of Oman has a long history. In the early period, Roman, Persian and Indian silver coins were in circulation here. The reason for this was Oman's trade with India, Persia (today's Iran) and Africa. During the British rule in the 19th and 20th centuries, the Indian rupee remained in circulation here, especially in the coastal and commercial areas.

In 1959, Gulf countries introduced separate currencies for their countries. This trend also started in Oman, Kuwait and Qatar. In 1966, Oman made the Saidi Riyal its currency. It was named after the then ruler Sultan Saeed bin Taimur, but after the change of power in 1970, the currency changed. The foundation of modern Oman was laid during the reign of Sultan Qaboos bin Said. Omani Rial was introduced in 1973 and gradually it has become one of the strongest currencies in the world.

How much money did Indians living in Oman send?

According to the report of the Reserve Bank of India (RBI) for the financial year 2024, more than half of the remittances received by India came from developed economy countries like America, United Kingdom, Singapore, Canada and Australia. This is a sign of a big change.