Union Government sets up inter ministerial committee to look into concerns of tourists, NRIs

Posted on:18 Nov 2016 18:04:32
Union Government sets up inter ministerial committee to look into concerns of tourists, NRIs
18 November 2016 Current Affairs: The Union Government has constituted the inter-ministerial committee to look into the areas of concern expressed by NRIs and tourists from abroad and foreign missions over demonetisation of 500 and 1000 rupees notes.This committee will be headed at the level of an additional secretary. A senior joint secretary from the Ministry of External Affairs is also a member of the committee.

The committee was formed after people from foreign missions sought the intervention of Ministry of External Affairs to facilitate smooth collection of consular and visa fee. They have also asked for access to more funds and  money exchange associations. 

The second set of issues was related to NRIs having cash, or those holding Indian currency abroad. The third set of issues was expressed by the money changer associations abroad. Their concern was- what they would do with the stacks they have. How will they convert those

All these issues arose following the demonetisation policy, decision of PM Narendra Modi on 8 November 2016,  following which currency notes of 500 and 1000 rupees were banned and replaced with new currency notes.

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