UAE warns NRIs against taking rupees into India

Dubai, Sep 8: UAE's Central Bank has asked all banks and exchange houses to advise their customers not to carry rupees into India.

The Central Bank also asked banks and money changers to warn their customers of the consequences of failing to do so.

"The penalties stipulated in the new (Indian) law include confiscation of money, prosecution and imprisonment," the bank said in a notice issued on Tuesday.

The bank's directive came in the wake of the Indian Central Board of Excise and Customs (CBEC) implementing a new Law from May that criminalises bringing cash in Indian currency into India, Khaleej Times reported yesterday.

The Indian Embassy in Abu Dhabi too had issued a similar warning to NRIs in March.

According to the new law, travellers to India are strictly prohibited from carrying cash in rupees into India, while Indian nationals are permitted to carry cash not exceeding Rs. 7,500.

The law also stipulates that all travellers to India must declare all cash in foreign currencies they might be bringing into India, including the UAE dirham, where its value exceeds USD 5,000.

Foreigners should also make a declaration when the aggregate value of all foreign bills in the form of currency notes, financial instruments, travellers' cheques is equal to or exceeds USD 10,000, the notice added.

According to the Indian Embassy, there is a general misconception that NRIs are allowed to carry Indian currency and there had been some instances when NRIs were found carrying large amounts of Indian currency while visiting home and faced problems at the airport.

"In some cases, the currency being carried by NRIs has even been found to be counterfeit," the Embassy had said.

The Indian mission in Oman too issued a similar advisory after "cases of counterfeit Indian currency involving Omani visitors".

When contacted, Indian Ambassador to the UAE M K Lokesh denied the mission had requested the UAE Central Bank to issue any advisory on the law.

Promoth Manghat, vice-president of global operations at UAE Exchange, confirmed receiving the notice from the Central Bank. "We have already started informing our customers about this law when they come for Indian currency. The new law hasn't had much of impact in the market."

A section of the Indian expatriates feels they should also be allowed to carry a minimum amount of cash in Indian currency for emergency use after landing in India.

However, officials point out that NRIs can exchange the UAE Dirham or any other foreign currencies with the Indian rupee on arrival in India, where there is a better system to check counterfeit Indian currency.

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JD(S) leader G T Devegowda backs CM Siddaramaiah in MUDA row, taunts HDK

News Network

October 4,2024

Mysuru: Chairman of JD(S) core committee and Chamundeshwari constituency MLA G T Devegowda on Thursday expressed his solidarity with Chief Minister Siddaramaiah saying the latter need not resign, while lambasting leaders of his own party and alliance partner BJP, including Union Minister H D Kumaraswamy.

In his speech during Mysuru Dasara inauguration he said that if persons against whom FIR is registered have to resign, many leaders from all the three parties, including Opposition Leader R Ashoka, will have to resign.

“All are sitting in glass houses... Since I know Siddaramaiah well, I am talking about him. At a time when mines and real estate are ruling politics, Siddaramaiah has survived in politics. He has never done any favour,” Devegowda said.

He added, “Allegations against Siddaramaiah are unexpected and accidental. If the Governor and Chief Justice order an investigation, it does not mean that he should resign."

He continued, asking, "Have they told Siddaramaiah to resign or have they asked to imprison him? When a person becomes a Central minister, he or she should realise their dignity and responsibility. Instead of recognising the good work done by Siddaramaiah, they ask him to resign. Will Kumarswamy (facing an FIR) resign? Should Siddaramaiah, who has become CM with a support of 135 MLAs, resign?"

"Opposition leaders are not remembering the good work of earlier CMs Kengal Hanumanthaiah, Veerendra Patil, Ramakrishna Hegde, H D Deve Gowda or S M Krishna. Karnataka is a model state. It is a bad trend to topple an elected government which is doing good work,” he further said.

Devegowda added, “Siddaramaiah is Goddess Chamundeshwari’s ‘Varaputra’ and hence has her blessings during tough times. He won the election in Chamundeshwari Assembly constituency, when the BJP-JD(S) government was in power in 2006. With the blessings of the Goddess, he has held varied positions right from becoming an MLA for the first time in 1983. He presented 15 budgets and has become CM for a second time. He took H C Mahadevappa, a Dalit leader to the state level. Siddaramaiah has the support of Deputy CM D K Shivakumar as ‘Jodeththu’. Blessings of the beneficiaries of guarantee schemes are with him (Siddaramaiah).”

Siddaramaiah said, “Devegowda was a MUDA member. He knows the truth. Hence, he is saying this. His words have filled strength in me. ‘Satyameva Jayate’, Truth will always triumph.”

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