India's amount limit for visiting Gulf NRIs slammed

Updated 10 March 2013
0

India's amount limit for visiting Gulf NRIs slammed

Indians living in the Kingdom have expressed surprise over new instructions issued by Indian embassies in the Gulf that bar NRIs staying in the region from carrying large amounts of Indian currency when traveling to India.
“There have been some instances when NRIs have been found carrying large amount of cash in the form of Indian currency while visiting India and faced problems at airport. In some cases the currency being carried by NRIs has even been found to be counterfeit,” a statement released by the Indian missions in the Gulf region has said.
According to the statement, only Indian residents are allowed to carry up to Rs. 7,500 in Indian currency per person when traveling abroad or returning to India. The statement said there is misconception that NRIs are allowed to carry Indian currency back to India.
Speaking to Arab News, S. Tauqeer, a Riyadh-based IT director in a French MNC, said: “In this age of inflation, Rs. 7,500 cap is not practical. Although it’s a good step by the government to ensure a proper cash flow via banks, it will be difficult to implement.”
Faisal Haleem, an IT specialist who has recently arrived in the Kingdom, said the move would hurt the labor class most. “Poor laborers are not educated. They come from villages. They don’t have bank accounts,” he added.
Syed Junaidurrahman from Hyderabad who has been working in the Kingdom for 20 years, said the move is justified to some extent “but the cap should be lifted to Rs. 20,000.”


Saudi Arabia’s King Salman will patronize the launch of the Qiddiya Project

Updated 24 April 2018
0

Saudi Arabia’s King Salman will patronize the launch of the Qiddiya Project

JEDDAH: Saudi Arabia’s King Salman will patronize on Wednesday the launch of the “Qiddiya” Project which is the new entertainment, sports and cultural destination in the Kingdom.
The project will be built in Al-Giddiya area, some 40 km west of the capital, Riyadh.
The foundation stone ceremony of will be attended by a host of local and international officials, as well as a number of decision-makers, major investors and representatives of the regional and international companies, marking the launch of the project’s formal infrastructure. The first phase will be completed by 2022.
In a statement to Saudi Press Agency (SPA), Dr. Fahd bin Abdullah Tounsi, Secretary General of the Foundation Council of the Qiddiya Project of the Public Investment Fund (PIF) said that the inauguration of this vital project is a real translation of the aspirations of the Kingdom’s wise leadership and its relentless efforts to develop mega projects that would contribute effectively to achieve many direct and indirect economic returns, and to advance sustainable development for the benefit of the homeland and the citizen, in accordance with the Kingdom’s Vision 2030.
“About two-thirds of the Kingdom’s population is under the age of 35. There is a great need for Qiddiya Project to provide them with entertainment. The project will save about $30 billion, which will be used to develop the domestic economy and create new job opportunities for Saudi youths,” he added.
For his part, Michael Reininger, Chief Executive of Qiddiya, said, “we are delighted to be a key contributor to boost the Kingdom’s economic development and investment, not only for the entertainment industry but also to projects that will develop the capabilities the young Saudi people.”