AV 17th December 2016

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First & Foremost Asian Weekly in Europe Price 80p

Vol 45 | Issue 33

GURKHAS INJECT LIFE IN THE DYING TOWN OF ALDERSHOT

BRIT-INDIANS CALL ON NAMO TO HELP WITH CURRENCY BAN

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17th December to 23rd December 2016

Let noble thoughts come to us from every side

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BA Rupanjana Dutta It’s quite a common practice among British Indians or Non Residential Indians (NRIs) to carry some amount of Indian cash with them when they leave India, mainly for the convenience of not having to exchange forex into rupee when they return the next time. With demonetisation of Rs 500 and Rs 1000 notes which are not valid from 8 Nov 2016, questions that NRI are asking is how to exchange Rs 500 and 1000 Rs notes. According to the UK government census, British-Indians make up 2.5% of the population of England and Wales according to a 2011 UK government census. Every year at least 200,000 British Indians or NRIs visit India. Many of them are avid followers of PM Narendra Modi, supporting this initiative of demonetisation. MPs like Keith Vaz, Gareth Thomas and Virendra Sharma, who represent constitutions dominated by Indians, are constantly receiving calls and requests from their constituents for a solution to their agony. Rt Hon Vaz has already appealed to the Indian Prime Minister Narendra Modi and his government to extend the deadline to deposit Indian cash for foreign nationals by at least six months. He wrote to Bank of England Governor Mark

Carney requesting him to allow British Indians to exchange their banknotes in the UK. The Governor in a letter to Mr Vaz said, "Whether it will be possible to deposit or exchange high-value Indian Rupee banknotes at Indian banks in the UK is a matter for the Indian government. Nonetheless we have looked into whether there would be any regulatory obstacles, stemming from the rules set by Bank's Prudential Regulation

46 Church Road Stanmore Middx London HA7 4AH email@travelinstyle.co.uk

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Authority (PRA), which is responsible for the prudential supervision of banks, building societies, credit unions, insurers and major investment banks in the UK. "More specifically, the PRA understands that an approach has been made by the Non-Resident Indian community in the UK to the Indian government and Reserve Bank of India to allow high-value Rupee notes to be deposited with Indian banks in the UK for the credit of their accounts. The PRA can confirm that it does not envisage any UK prudential regulatory obstacles if the Indian authorities decided to allow Indian Rupee notes to be deposited with Indian banks in the UK. "The PRA has also spoken to the Financial Conduct Authority (FCA), which acts as the conduct/financial crime regulator. The FCA indicated that it has no objection should any Indian

banks wish to exchange these notes or accept them as deposits, providing they have the necessary prior consent from the relevant Indian authorities. Of course, the FCA would expect that these banks apply robust anti-money laundering controls, to ensure that they are not used to facilitate financial crime." Mr Vaz, welcoming the response said: “Mark Carney has gone the extra mile to ensure members of the Indian diaspora in the United Kingdom may be able to exchange their Indian currency in the UK, following the bold decision to demonetise certain Rupee denominations. "He has presented a pathway for this issue to be resolved which will hugely benefit members of the Indian diaspora in the UK. "The Indian government is now free to enable currency to be exchanged in the UK, and avoid the Continued on page 7

Modi asks Gujarat to be cashless model

Modi at the inauguration of Amul Cheese Plant in Palanpur

In his first address at `Shree Kamalam' after becoming the Prime Minister, Narendra Modi

told assembled state BJP functionaries, that he

A day after catastrophic Cyclone Vardah stormed its way through parts of

Tamil Nadu and Andhra Pradesh, claiming 20 Continued on page 26

Continued on page 26

Cyclone kills 20 in Tamil Nadu, Andhra

Union minister Rijiju faces corruption probe

Union Minister of State for Home Kiren Rijiju, his cousin and several top officials of North Eastern Electric Power Corporation (NEEPCO), including its Chairman and Managing Director, were named in a report by the PSU’s Chief Vigilance Officer that alleges corruption in the construction of two dams for 600 MW Kameng Hydro Electric Project, one of the biggest hydro-

Kiren Rijiju

electric projects in Arunachal Pradesh. Continued on page 26


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