Source: News Bharati English18 Nov 2016 09:22:25

New Delhi, November 18: After Prime Minister Narendra Modi announced the demonetization of the Rs 500 and Rs 1,000 currency notes, the common man has been severely inconvenienced. The Department of Economic Affairs has now formed an inter-ministerial committee to address the concerns expressed by diplomats, expatriate Indians, foreign tourists and money changer associations abroad.

This panel will look into the concerns of foreign tourists and NRIs holding Indian currency over demonetization.

Vikas Swarup spokesperson of Ministry Of Economic Affairs said that the first concerns the diplomats who are based in Delhi . “Some of them have told us that diplomatic missions require higher level of funds and the existing limits will not be sufficient for them, if those can be increased for diplomatic missions,” he said.

“Some of them have said that they collect consular and visa fees. If they are collected in old notes, how will they be deposited and how will they be exchanged?”

Swarup said that the Dean of the Diplomatic Corps has had a meeting with the External Affairs Ministry and highlighted these issues.

“The second set of issues is - NRIs having cash, having Indian currency abroad,” he stated.

As there are specified limits to the amount of Indian currency that can be taken abroad, and on the other side if somebody has money abroad who is not travelling to India immediately then how does he or she gets the new notes for those old ones ?

The spokesperson said money changes associations abroad were asking what they should do with the stacks of Indian currency they have or how to convert these.

 “So what we have done is we have referred all these matters to Department of Economic Affairs,” Swarup stated.

“The Department of Economic Affairs has now formed an inter-ministerial committee headed at the level of an Additional Secretary,” he added.