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Vol 45 | Issue 37
India League in a league of its own
Should NRIs just burn away their old cash?
P16-17
Mitul Paniker & Khushali Dave "Any PIO and members of his family, who regularly visit India would easily have Rs 50,000 to Rs 100,000 worth of Indian currency, and I challenge the government to prove this as black money and forfeit this from us," claimed Dharamveer, a US national who stood at one of the 5 designated RBI branches across the country to exchange the banned 500/1000 currency notes. "This money, we don't spend in the country where we live, but the country of our origin. It is by chance that we are here at this
21st January to 27th January 2017
time and wanted to exchange few currency but are not allowed to do so. It is very frustrating," he said. Dharam is just one of the many NRIs and people of India origin who are now braving long queues to exchange their currency. Several people blew their fuses outside RBI branches as those who came from long distances were being denied entry by guards who said they didn't have proper documents on them. "Though I have a foreign passport, I still have roots in India. Our family comes to India every year. We have few Indian currency notes and we want to exchange them, but aren't
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Let noble thoughts come to us from every side
allowed to enter RBI. Mr Prime Minister, are we supposed to burn the Indian currency that we have?" asked a visibly agitated US national, Ritu Diwan. She added that the unnecessary harassment indicates PIOs are no more welcome to the country of their birth. We all agree the whatonce-seemed-spontaneous banning of the high
denomination currency notes, despite coming from the best of interests for the country, severely lacked management. There was the opposition holding on to the pettiest of straws, the government that steadily came up with different notifications to ease the discomfort, the RBI that tried to mop up the mess, and the aam janta that Continued on page 26
25,578 MoUs signed during Vibrant Gujarat
Gujarat put it up for display for foreign investments at a time when the country moans in economic gloom postdemonetisation. The eighth edition of the Vibrant Gujarat Global Summit touched a record 25,578 MOUs as the curtains closed on the biennial business meet held at Mahatma Mandir, Gandhinagar. The number of MoUs signed are suggested to touch 3,000 more than last time's event, and the committed investment is most likely to cross £300 billion. VGGS 2017 also saw Prime Minister Narendra Modi, who is often eulogized by industry captains and international guests at every summit, got the biggest compliment when several global leaders sought to see him take centrestage internationally. The three-day affair partnered by 12 countries saw participation of 2,743 delegates from nearly 100 countries. Addressing the valedictory function, Chief Minister Vijay Rupani said, "One of the biggest takeaways from this year's VGGS is that all the foreign delegates would act as brand ambassadors of Gujarat in their respective coun-
tries." This year saw a couple of firsts, including the participation of two Muslim countries- Saudi Arabia and the United Arab Emirates. Two of the richest countries in the world, they actively participated and put forth keen desire to forge business ties with Gujarat. Defence Minister Manohar Parrikar, who was the chief guest at the valedictory function, praised the state for its innovative, ease of business, progressive and forwards looking approach. "It can become an important hub for defence manufacturing. There are varieties of products being developed by defence and Gujarat government can be interested in aerospace technology," he said. Overall, VGGS 2017 was rife with investment promises, as Indian corporates, multinationals, educational institutions, and state-run enterprises pledged over £200 billion. "In all, 50 MoUs committing at least £400 million and 133 for investment between £100 million and £400 million were signed," said deputy chief minister Nitin Patel. Among those notable, was France's Continued on page 26