How personalisation is revolutionising the market
business29 minutes ago
The Indian Embassy in Abu Dhabi has advised travellers to India to carry debit and credit cards with them, and rely less on cash, following the demonitisation move by the Indian government when all Rs 500 and Rs 1,000 currency notes were declared defunct.
"Government of India on November 8, 2016, announced the cancellation of legal character of old series Indian bank notes of Rs500 and Rs1,000 denomination. In view of this Embassy of India, Abu Dhabi, advises all travelers to India to carry with them valid and sufficiently funded International credit/debit cards," the embassy statement said.
Also read: 5 ways NRIs can convert Rs 500, Rs 1,000 notes
Earlier this month, the UAE Embassy in New Delhi called on Emirati citizens visiting or residing in India to ensure that a receipt was given when exchanging currency, following the Indian government's decision to withdraw the old Rs 500 and Rs 1,000 notes.
According to a statement released by the Indian Ministry of Finance, this step was taken to curb financing of terrorism through the proceeds of fake notes and use of such funds for subversive activities such as smuggling of espionage arms, drugs and other contrabands into India and for eliminating black money from the system. High denomination notes are known to facilitate generation of black money.
Also read: Indian expats in UAE support demonitisation
The total number of bank notes in circulation rose by 40 per cent between 2011 and 2016. The increase in the number of notes of Rs 500 denomination and Rs 1,000 denomination rose by 76 per cent and 109 per cent, respectively, during this period.
The new series bank notes of Rs 500 and Rs 2000 were introduced for circulation from November 10, 2016.
How personalisation is revolutionising the market
business29 minutes ago
All six lines are expected to be operational by January 5, the Royal Commission for Riyadh City said in a statement
gulf1 hour ago
Ministry of Defence mourned the death of Mohammed Atiq Salem bin Saluma Al Khaili
uae2 hours ago
The package follows a $20 billion sale in August of fighter jets and other military equipment to Israel
mena2 hours ago
Dinosaurs took 30 million years to become dominant; other animals initially ruled the Triassic landscape
europe2 hours ago
Trump Guitars has received a 'cease and desist' letter from Gibson, whose guitars have been favourites of musicians including Bob Dylan and Chuck Berry
americas2 hours ago
Sheikh Dr Sultan hosted a celebratory reception for the club after they secured the continental title for the first time in its history
sports3 hours ago
Healthcare leaders were speaking at the Future of Healthcare summit organised by
uae4 hours ago