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NRIs warned against taking cash to India
NRIs warned against taking cash to India Sajila Saseendran / 6 September 2013 The Central Bank of the UAE has asked banks and exchange houses operating in the country to advise their customers travelling to India to abide by the laws on carrying cash to India. In a notice issued on Tuesday, the Central Bank also asked the banks and money exchangers to warn their customers of the consequences of failing to do so. “The penalties stipulated in the new law include confiscation of money, prosecution and imprisonment,” the notice said. It advised the firms that the Indian Central Board of Excise and Customs (CBEC) had implemented a new Law on 22/05/2013, criminalising bringing cash in Indian currency into India. As per the law, foreign travellers to India are strictly prohibited from carrying cash in Indian currency into India, while Indian nationals are permitted to carry cash not exceeding Rs7,500. The law also stipulates that all travellers to India must declare all cash in foreign currencies they might be bringing into India, including the UAE dirham, where its value exceeds $5,000. Foreigners should also make a declaration when the aggregate value of all foreign bills in the form of currency notes, financial instruments, travellers’ cheques etc. is equal to or exceeds $10,000, the notice added. The Central Bank’s move follows another advisory issued by the Indian Embassy in Abu Dhabi in March. The mission advised non-redident Indians staying in the UAE against carrying Indian currency notes when they visit their homeland. According to the mission, there is a general misconception that NRIs are allowed to carry Indian currency and there had been some instances when NRIs were found carrying large amounts of cash in the form of Indian currency while visiting India and faced problems at the airport. “In some cases, the currency being carried by NRIs has even been found to be counterfeit,” the Embassy had said. Its counterpart in Oman had also issued a similar advisory after “cases of counterfeit Indian currency involving Omani visitors” which the mission described as a cause for concern for the Indian government. When contacted, Indian Ambassador to the UAE M.K. Lokesh denied the Embassy requesting the UAE Central Bank to issue any advisory on the law. Promoth Manghat, vice-president of global operations at UAE Exchange, confirmed receiving the notice from the Central Bank. “We have already started informing our customers about this law when they come for Indian currency. The new law hasn’t had much of impact in the market.” A section of the Indian expatriates feels they should also be allowed to carry a minimum amount of cash in Indian currency for emergency use after landing in India. However, officials point out that NRIs can exchange the UAE Dirham or any other foreign currencies with the Indian rupee on arrival in India, where there is a better system to check counterfeit Indian currency. – sajila@khaleejtimes.com Continue reading
Syria refugees see no end to their exile as strikes loom
Syria refugees see no end to their exile as strikes loom (AFP) / 6 September 2013 Eyes glued to a television news report on Syria in a Jordan refugee camp, Said Salem has lost hope of returning home, where the 30-month war has forced two million to flee abroad. “The conflict has lasted too long, there is only death and destruction and the world is watching on as a spectator. It must end,” says Salem. Syrian refugees arrive at the Turkish Cilvegozu gate border. – AP file Salem is originally from the southern Syrian province of Daraa like most of the refugees in Jordan’s Zaatari camp which stretches into the desert as far as the eye can see. “We spend most of our time watching the news. It breaks our hearts to see Syria ruined and sinking into a civil war while the world sits still,” says the father of 11. As talk of possible US strikes on targets in Syria grows louder, Salem, who lost his right hand in an army raid a year ago, says that he wants an end to the suffering. “There is no light at the end of the tunnel,” he laments. US President Barack Obama says he is confident he will win congressional approval, as early as next week, for strikes on Syria in response to alleged chemical attacks by the regime on August 21. “The question that always comes up as I talk with my husband is: are we going to return to our country?” asks Hanan, a mother of four daughters. “Our children do not go to school, we no longer have a source of income and nobody is helping us,” the 38-year-old complains. Some refugees managed to flee Syria with money, while others subside on handouts from relatives who work abroad. But many are totally destitute. Opened one year ago to house Syrians fleeing the war, the Zaatari camp today has some 130,000 residents, living in extremely tough conditions. Over the months it has become Jordan’s fifth-biggest city in terms of population. Most of its residents originally come from Daraa, the town in southern Syria where protests against President Bashar Al Assad broke out in March 2011, before morphing into a bloody civil war that has killed more than 110,000 people. On Tuesday, United Nations High Commissioner for Refugees Antonio Guterres said the number of Syria refugees had already topped two million. “There are no words to express… this tragedy,” Guterres told reporters in Geneva, adding that the exodus showed no sign of abating and risked destabilising the region. In addition to refugees who have fled to Jordan, Lebanon, Turkey, Iran and Egypt, the fighting has also displaced more than six million people, over one quarter of Syria’s population of 22 million. “What is the world waiting for to act?” asks Ali Salman, 38, taking a drag on his cigarette. His five children, who seem weakened, are playing nearby. “We are eating very badly, we are drinking dirty water and there is no care when we get ill. “Why is the world watching the massacres without taking action? Why are they not doing anything for us and our children? More than 100,000 people have died, is that not enough for the world to intervene.” Hassan Nashwa was able to open a store to support the needs of his large family, but says that he cannot see any future for his children, who do not have any education. “The only solution is to return to Syria, because this camp is nothing but a huge prison”. “My main hope is to find my house, my school and my friends again,” adds Mahmud Jamal, 12, who does odd jobs to help the eight members of his family in the camp, including his sick father and a brother wounded by shrapnel. The Jordanian government puts the number of refugees currently in the kingdom at 550,000. But their numbers could rise again as the violence in Syria rages, stretching Jordan’s limited water resources and threatening its fragile social makeup. “Life is difficult in the camp,” says Mohammed Al Darawi. “We are in the middle of a desert… without work of money and our problems are only growing.” Continue reading
Upbeat economic data lifts world shares
Upbeat economic data lifts world shares (Reuters) / 5 September 2013 European government bond yields were at near 1-1/2 year highs on Thursday and the dollar clung close to six week peaks on a combination of a better global economic outlook, nervousness about Syria and pending central bank meetings. Russia and China, meanwhile, both warned the US ahead of the G23 meeting in St Petersburg that the end of the Federal Reserve’s bond-buying programme could have a profound impact on the global economy. The European Central Bank and Bank of England were both expected to leave interest rates unchanged, but investors were looking for statements reiterating pledges to keep rates low given recent stronger economic data. ECB President Mario Draghi “is going to want talk down the prospects of recovery a little bit and get people’s feet on the ground” said Will Hobbs, head of equities strategy at Barclays Wealth. European money market rates have been moving higher recently in response to stronger economic data and on expectations the Federal Reserve is set to begin unwinding its stimulus, possibly as soon as later this month. Analysts see little options for the bank other than just maintaining a soft tone in communication, sending German 10-year bond yields have raised to 1-1/2 year highs of 1.981 percent. Earlier the Bank of Japan voted unanimously to maintain its monetary stimulus, while declaring the world’s third-largest economy was on a recovery path, sending the yen briefly above 100 to the dollar, a six week low. In the emerging markets India’s new RBI began his tenure in spectacular fashion by unveiling measures to support the currency and the banking sector that sent the Nifty up 3.3 percent and boosting the rupee. The rupee rose to as high as 65.53 per US dollar, pulling well away from a record low around 68.85 set last week. The gain in Indian stocks and a slight rise in Tokyo’s shares after the BOJ decision helped lifted Asia equity prices by 0.6 percent, to near a three week high. European share markets were up 0.5 percent in early trade, gaining ground for the second day in a row and hitting its highest level since August 27. “People are waiting for cues from the central banks, and there is just no real trend on the market at the moment,” said Guillaume Dumans, co-head of research firm 2Bremans. The euro last traded at $1.3185, down slightly against the stronger dollar and not far from a six-week low of $1.3138. MSCI world equity index was up 0.1 percent following a second day of gains on Wall Street spurred by another set of upbeat USdata, which included the strongest monthly rise in car sales during August since October 2007. “Strong car sales in the US again lifted market confidence in the economy, and lifted expectations that the US Federal Reserve will start cutting back its stimulus this month,” said Isao Kubo, an equity strategist at Nissay Asset Management. Syria Action Markets remained cautious about Syria as a possible US military strike moved one step closer after a Senate committee voted in favour of action, clearing the way for a vote in the full Senate, likely next week. The possible military strike against Syria in reaction to its alleged use of chemical weapons and the Fed’s decision to reduce its stimulus were expected to dominate discussions at a meeting of leaders from the Group of 20 developed and developing economies in St Petersburg. In a note prepared for the meeting the IMF warned that emerging countries were particularly vulnerable to a tightening of US monetary policy. It urged strengthened global action to revitalise growth and better manage risks, adding some downside risks have become more prominent. US President Barack Obama meanwhile was expected to use the meeting to win international backing for a military strike against Syria and this was keeping a floor under oil markets Brent crude rose 56 cents to $115.47, while US oil was up 64 cents to $107.97. Continue reading
