1. Demonetisation: Indians in UAE face difficulty to transfer money following note-ban implementation

Demonetisation: Indians in UAE face difficulty to transfer money following note-ban implementation

Following the implementation of the demonetisation policy by the Narendra Modi led central government, Indian citizen living in United Arabs Emirates have, reportedly, been facing difficulty to transfer money to their kin in the country.

By: | New Delhi | Published: November 29, 2016 12:39 PM
Citing the rise in the circulation of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy. (PTI) Citing the rise in the circulation of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy. (PTI)

Following the implementation of the demonetisation policy by the Narendra Modi led central government, Indian citizen living in United Arabs Emirates have, reportedly, been facing difficulty to transfer money to their kin in the country.

According to a Moneycontrol report, Indians staying in Abu Dhabi had been hit hard by the Prime Ministers note ban policy since they face continuing trouble sending money through bank transfers and instant cash transfers.
And amid record low fall in rupee against US dollar, there were still less number of people transferring money from the foreign country. In a statement to Moneycontrol, a money exchange employee said that the number of transactions of Indian rupee per day has come down to 70-80 from 25 transactions in a day earlier.

Citing the rise in the circulation of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which, there had been a ban on the currency notes of the denomination Rs 500 and Rs 1,000. Following the implementation of the anti-graft policy, there had been a chaotic situation among the people in the country. And even after more than three weeks after the central government initiated the policy, people are seen standing on long queues, waiting for hours outside banks and ATMs, even as the money machines run out of cash.

The implementation of the policy had also initiated a political storm across the country, with opposition leaders blaming the Modi government for the continuing public distress in the country. And with heated political uproars, the Rajya Sabha and the Lok Sabha had been witnessing repeated adjournments, hampering the smooth proceedings of the winter session in the parliament.

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