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Demonetisation hits NRIs in Gulf
They are working in countries like Dubai, Muskat, Saudi Arabia, Qatarand Abu Dabi.There are a total of five lakh workers from the State who are in a state of shock.The sensational decision taken by Prime Minister Narendra Modi has caught the people unaware. The money hoarded in the foreign money exchange reserves may go waste as there is no scope to exchange it now.Â
​Nizamabad: The decision to demonetise the Rs 500 and Rs 1,000 currency notes taken by the Union government on December 11 has hit all sections of the society hard and did not spare even the NRIs working in the Gulf countries. Several thousands of people from the Telangana State like Nizamabad, Kamareddy, Adilabad, Karimnagar, Nirmal, Medak and Jagtiyal who migrated to the Gulf in search of greener pastures are facing problems in sending money to their families back home.
They are working in countries like Dubai, Muskat, Saudi Arabia, Qatarand Abu Dabi.There are a total of five lakh workers from the State who are in a state of shock.The sensational decision taken by Prime Minister Narendra Modi has caught the people unaware. The money hoarded in the foreign money exchange reserves may go waste as there is no scope to exchange it now.
Many middle class families who migrated from India keep lot of currency notes at home to the expenditure in case of any emergency. Now, they have to exchange it with new notes. However, they are facing several hurdles in this regard.Earlier, the Indian workers in Gulf used to send money to their families through money transfer centres.
But, with the banning of Rs 500 and Rs 1,000 currency notes, and after imposing a ceiling on withdrawal from banks, the functioning of money transfer centres has come to a standstill. Earlier, they sued to send it back through a hundi but with the upgradation of technology, they have been sending it through money transfer centres.
Money exchanges to the tune of Rs 20 to 30 crore take place at these centres and most of them prefer this method as it is much faster rather than depositing it in banks which cause considerable amount of delay.
The NRIs are feeling bad as they are not in a position to send the money home as permission has been withdrawn to transfer the money through money transfer centres. Now, they are not taking the Indian currency notes.
Even though there are Indian banks working in the Gulf, they have to follow the rules of the Gulf country. Moreover, it is an economic offence under FEMA to do business with Indian currency notes.
Speaking to The Hans India on Monday, several NRIs in the Gulf countires hoped that the Union External Affairs Ministry would make some arrangements so that they could transfer their money back home. Otherwise, all the banned currency notes would hav eot be dumped in dustbins, they lamented.
