Nation Current Affairs 06 Jan 2017 Indians living in UK ...

Indians living in UK stuck with old currency

DECCAN CHRONICLE. | SUPRIYA KUMARASWAMY
Published Jan 6, 2017, 6:28 am IST
Updated Jan 6, 2017, 6:58 am IST
After demonetisation, a sizable people of Indian origin living in the UK are finding it difficult to exchange their old currency notes.
Virendra Sharma, U.K. MP, interacts with schoolchildren in Bengaluru on Thursday.
 Virendra Sharma, U.K. MP, interacts with schoolchildren in Bengaluru on Thursday.

Bengaluru: The Indians living abroad are bearing the brunt of demonetisation as they have no other option apart from coming all the way back to India to deposit or exchange the old currency notes they possess.

After demonetisation, a sizable people of Indian origin living in the UK are finding it difficult to exchange their old currency notes that they have taken with them before the new rule was passed.

 

Virendra Kumar Sharma, the British MP and the patron of the British South India Council for Commerce said that he wrote to the PM, seeking for help, but to no avail.

“I wrote to the PM requesting if he, in consultation with the Reserve Bank of India, can authorise the Indian banks in the UK to let people open the account with Indian currency. These people are not part of money-laundering or any other criminal activity,” he said.

He also added that the Indian government should create a goodwill with the Indian diaspora living abroad and express genuine concern towards them.  

Though Indians living abroad can send money through somebody else on their behalf, the process requires them to carry an affidavit of the person to whom the money belongs, a copy of passport and other related documents, which is very time consuming.

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Location: India, Karnataka, Bengaluru




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