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HOW KUWAIT-INDIANS FACE THE HEAT OF DEMONETIZATION?

People stading in queue at ICICI Bank in Kuwait

There has been a huge pitfall in the cash economy in Kuwait. Many people like in India are standing in queue to take the cash out and use it for their daily operations.

This has seen a huge plunge in the middle class working of Kuwaiti people. Now that the government is also using the indispensable ink to stop the people from using the services of the government to borrow INR 4000, now INR 4500.

Many people are just using this service to collect the cash in multiple times. Now the government has released this and has come up with a solution to stick to their main agenda.

This move has affected many of the lower middle working class, who are entirely dependent on cash for their daily operations. But the affect has been more to the travelers who are in Kuwait, Iran. They are not able to come to India or even go anywhere.

The Indian rupees that the Kuwaiti people have is not accepted by any of the money exchange centers in Iran and also the banks in Kuwait aren’t accepting any of the demonetized currency of Indian rupees.

On the report of travelers to India and to Iran, they are facing huge problem in the exchange of cash. The report added that a number of travelers who go to Khafji in Saudi Arabia on short business trips and return before eight hours had expressed dissatisfaction with the decision.

Accordingly, the land border exits manager brigadier Ayad Al-Haddad ordered exempting them until the block is fully removed from the Ministry of Interior’s systems.

Striking on the issue of using indelible ink, the government has set up a manufacturing plant which will function 24/7 on a daily basis to stop the people from coming to the bank again and again to exchange their cash.

On the same issue, there was a meeting held with the press in The Ministry of Finance, GoI, the following information was given.

A top finance ministry official said the use of indelible ink – also used to stop multiple voting in Indian elections – would prevent “unscrupulous persons” from sending people from one bank branch to the next to exchange old notes.

Individuals are allowed to swap 4,500 rupees ($66.50) just once. “You find the same people coming back again and again,” Economic Affairs Secretary Shaktikanta Das told a briefing, saying huge queues were preventing honest people from getting the cash they need

Campaigning to win the power in Lok Sabha in 2014, Narendra Modi, the then CM of Gujurat, promised the voters to eradicate corruption and bring out the black money that is hiding in this country.

But critics in Iran, have another say. Since an important election is around the corner for Uttar Pradesh state in India, PM Narendra Modi is again campaigning and convincing people on the demonetization drive that is on-going.

This is a cause of concern, because a huge amount of population of Indians are staying in Kuwait. These are the people who went out looking for Job opportunities and are now facing the heat of demonetization rule that is brought by the Government of India.

To talk in terms of numbers.

The embassy, quoting data released from the general department of residency, Kuwait, said that 707,085 males and 194,386 females from India are currently residing in Kuwait of which 12,976 males and 16,325 females are working in the government sector.

Of the 460,411 Indians working in private sector, 23,550 are females and 436,861 are males. 299,127 Indians are presently in the domestic sector of which 79,745 are females and 219,390 are males, the data showed. The total number of dependents is 112,536 of which 37,791 are males and 74,745 are females.

Since the government has taken this elusive decision, the measures must be taken appropriately to make sure that the decisions taken should be implanted in a smooth way and not causing the harm to the public.

People are getting bruised, PM Modi. Did you take the right decision?
 

BY UITV, NOV 16