Home News INDIAN NEWS Vaz urges Indian Banks to exchange demonetised currency

Vaz urges Indian Banks to exchange demonetised currency

58
0
SHARE
Keith Vaz MP at at UK Welcomes Modi’ reception at Indian Gymkhana Club in Osterley , London

Senior Labour Politician Keith Vaz urges Bank of England and India government to take immediate action to stem the fall out of demonetisation of 500 and 1000 rupee notes….reports Asian Lite News

Keith Vaz MP at at UK Welcomes Modi’ reception at Indian Gymkhana Club in Osterley , London
Keith Vaz MP at Indian Gymkhana Club in Osterley , London

The Leicester East MP said about 30,000 British-Indians in his constituency were affected by the demonetisation move. He sought the help of Prime Minister Narendra Modi and Bank of England chief Mark Carney to resolve the issue.

He asked the Indian banks in Britain to accept the demonetised Indian currency and exchange it with new notes.

The Labour MP met Acting High Commissioner Dinesh Patnaik to discuss the issue. He said several cricket fans from Britain, who are in India to watch the test matches, are struggling to pay their bills.

The Indian government has withdrawn all existing 500 and 1000 Rupee notes from circulation, and British Indians with Rupees in the UK would be required to fly to India to exchange their currency, and would need to do so before 30thDecember 2016. Most of the Indian-origin British citizens will keep INR 10,000 to 50,000 to meet emergency needs at airport or travel to their destination.

 

“The Indian government should be commended on this bold and courageous policy, and I completely understand why they have taken these steps,” Mr Vaz said in a statement. “However the rupee recall has inadvertently caused concern and distress to many members of the Indian diaspora community who live abroad who fear they will be unable to exchange their currency by the deadline in December.”

 

“I have therefore written to Prime Minister Narendra Modi with a three point plan to address the concerns of the diaspora. The first priority is to extend the deadline to after the summer holidays in 2017. It would also be practical and beneficial for British Indians to be able to exchange this currency in UK banks, and until this issue has been addressed I have asked that a Special Envoy to the diaspora is appointed to the High Commission in London.

 

“Concerns have also been raised that the money withdrawn by UK citizens on holiday in India for the cricket is now unusable, and addressing this issue now will prevent them from being frustrated and unsatisfied with their experience in India.”