NRIs warned against taking cash to India

September 6, 2013

Cash_to_India

Dubai, Sep 6: The Central Bank of the UAE has asked banks and exchange houses operating in the country to advise their customers travelling to India to abide by the laws on carrying cash to India.

In a notice issued on Tuesday, the Central Bank also asked the banks and money exchangers to warn their customers of the consequences of failing to do so.

“The penalties stipulated in the new law include confiscation of money, prosecution and imprisonment,” the notice said.

It advised the firms that the Indian Central Board of Excise and Customs (CBEC) had implemented a new Law on 22/05/2013, criminalising bringing cash in Indian currency into India.

As per the law, foreign travellers to India are strictly prohibited from carrying cash in Indian currency into India, while Indian nationals are permitted to carry cash not exceeding Rs7,500.

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 $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 etc. is equal to or exceeds $10,000, the notice added.

The Central Bank’s move follows another advisory issued by the Indian Embassy in Abu Dhabi in March. The mission advised non-redident Indians staying in the UAE against carrying Indian currency notes when they visit their homeland.

According to the mission, 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 cash in the form of Indian currency while visiting India 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.

Its counterpart in Oman had also issued a similar advisory after “cases of counterfeit Indian currency involving Omani visitors” which the mission described as a cause for concern for the Indian government.

When contacted, Indian Ambassador to the UAE M.K. Lokesh denied the Embassy requesting 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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Agencies
July 8,2020

Jeddah, Jul 8: The Organization of Islamic Cooperation (OIC) writes to the members of the United Nations Security Council (UNSC), urging the body to come in the way of a plan announced by Israel for annexation of significant portions of the occupied West Bank.

The letter was addressed by the 57-member organization’s Secretary-General Yousef al-Othaimeen to the UNSC’s members as well as the members of the Middle East Quartet — the European Union, Russia, United Nations, and United States— the Arabic-language Rai al-Youm news website reported on Tuesday.

The letter urged the Council to adopt “the necessary measures” that would prevent the annexation and compel Israel to stop all its illegal activities.

The OIC also urged the UNSC to hold an emergency meeting to “salvage the [remaining] opportunities for peace, and revive attempts at reinstatement of the political process under international supervision.” Such meeting, it added, had to enable realization of “the two-state solution, and [creation of] a Palestinian state with East Jerusalem [al-Quds] as its capital.”

Israel’s Prime Minister Benjamin Netanyahu announced the plan to annex 30 percent of the occupied Palestinian territory — namely the areas upon which the regime has built its illegal settlements as well as the Jordan Valley — after US President Donald Trump backed the annexation in January.

Trump pledged the support while unveiling details of his Middle East scheme called the “deal of the century.”

The highly controversial scheme allegedly seeks to resolve the Palestinian-Israeli conflict, but is heavily tilted in favor of the occupying regime. As well as backing the annexation, the scheme re-endorses Washington’s incendiary recognition in late 2017 of al-Quds as “Israel’s capital,” although Palestinians want the occupied holy city’s eastern part to serve as the capital of their future state.

Palestinians have roundly rejected either the American design or the Israeli plan that is rooted in it.

Tel Aviv had previously announced July 1 as the date it sought to start implementing the annexation plan. It, however, is yet to get it off the ground amid far-and-wide international condemnation and speculation that the plan was announced in the first place to deflect attention from a massive corruption scandal involving Netanyahu.

Countries warn Israel of consequences to bilateral ties

Also on Tuesday, Egypt, France, Germany, and Jordan warned Israel against going ahead with the plan, saying that doing so could have consequences for their bilateral relations with the Tel Aviv regime.

In a statement distributed by the German Foreign Ministry, the countries said their foreign ministers had discussed how to restart talks between Israel and the Palestinian Authority.

Most other European countries have likewise communicated their objection to the plan.

“We concur that any annexation of Palestinian territories occupied in 1967 would be a violation of international law and imperil the foundations of the peace process,” the European and Middle Eastern foreign ministers said, referring to the year, when Israel occupied the West Bank.

“We would not recognize any changes to the 1967 borders that are not agreed by both parties in the conflict,” they added. “It could also have consequences for the relationship with Israel.”

Israel had no immediate response. In a separate statement, however, Netanyahu’s office communicated Tel Aviv’s intransigence on the matter.

The statement said the Israeli premier had told his British counterpart Boris Johnson on Monday that he was committed to Trump’s “realistic” plan.

“Israel is prepared to conduct negotiations on the basis of President Trump’s peace plan, which is both creative and realistic, and will not return to the failed formulas of the past,” the statement alleged.

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News Network
May 4,2020

Dubai, May 4: An Indian salesman in the UAE has won a whopping 10 million dirhams at an Abu Dhabi draw, a media report said.

Dileep Kumar Ellikkottil Parameswaran, from Kerala’s Thrissur, works with an auto spare parts company in Ajman and earns 5,000 dirhams (USD 1,361) a month, Gulf News reported on Sunday.

Parameswaran, who won the 10 million dirhams (USD 2.7 million) prize at the Big Ticket draw in Abu Dhabi, will spend a big part of the money to repay a loan of 700,000 dirhams (USD 190,574 ), according to the report.

He said that a good part of the prize money will be spent on the education of his two children.

Parameswaran, who has been a resident of the UAE for 17 years, lives in Ajman along with his family.

Big Ticket is the largest and longest-running monthly raffle draw for cash prizes and dream luxury cars in Abu Dhabi.

A live monthly draw is organized at the Abu Dhabi International Airport on 3rd of each month.

Tickets are sold for 500 dirhams (USD 136).

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Agencies
January 11,2020

Muscat, Jan 11: Oman's Culture and Heritage Minister, Haitham bin Tariq Al Said, took oath as country's Sultan on Saturday following the demise of Qaboos bin Said al-Said, the country's government confirmed on Saturday.

Sputnik quoted a report by sultanate's Al-Roya newspaper as saying that the new Sultan " affirmed the continuation of the country's modernisation and development in various fields."

The development comes after Qaboos bin Said, who had served as the ruler of Oman since 1970, died Friday at the age of 79.

Earlier in the day, Prime Minister Narendra Modi had condoled Qaboos's demise and remembered him as the "beacon of peace for India and the world". 

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