1. Demonetisation: NRI, Foreign tourists express concern over note-ban; government sets up panel to sought issue

Demonetisation: NRI, Foreign tourists express concern over note-ban; government sets up panel to sought issue

NRI and foreign tourists from abroad had expressed their concerns to the Ministry of External Affairs over the accessibility to the new currency notes.

By: | New Delhi | Updated: November 18, 2016 10:53 AM
NRIs, with Indian currency notes living abroad had express their concern over the exchange of the old notes with newer ones. (AP) NRIs, with Indian currency notes living abroad had express their concern over the exchange of the old notes with newer ones. (AP)

Following the demonetisation policy and the ban on Rs 500 and Rs 1,000 notes, NRI and foreign tourists from abroad had expressed their concerns to the Ministry of External Affairs over the accessibility to the new currency notes. To sought the issue, the government had formed an inter-ministerial committee to look into the concern.

Foreign missions had pleaded the MEA for the access to more funds for a smooth collection of visa fee and consular.

Spokesperson of the Ministry of External Affairs told that a few foreign missions had expressed their need to collect consular and visa fees in old notes and had also sought for solutions for the exchange of the same.

NRIs, with Indian currency notes living abroad had also express their concern over the exchange of the old notes with newer ones. The money changer associations abroad had also expressed similar concerns.

Citing the increase in the circulation of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which currency notes of the denominations, Rs 500 and Rs 1,000 had been banned and replaced with new currency notes. Post the anti-graft note-ban policy, there had been a chaotic situation among the common people, with most of them standing on long queues outside banks and ATMs to replace their old currency notes with the new ones, thereby trying to save their cash from turning into useless pieces of papers.

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