India's amount limit for visiting Gulf NRIs slammed

Updated 10 March 2013
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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.”


Finance officials meet to map out Saudi Arabia’s budget plans

Updated 49 min 18 sec ago
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Finance officials meet to map out Saudi Arabia’s budget plans

  • Finance representatives of 150 government bodies meet for the Budget Forum 2020

RIYADH: Saudi finance chiefs have kicked off a major conference in the capital aimed at mapping out the Kingdom’s budget requirements.
Around 300 specialists representing 150 government bodies met at the InterContinental hotel in Riyadh for the Budget Forum 2020.
Minister of Finance Mohammed Al-Jadaan welcomed delegates to the second edition of the gathering organized by the Saudi Finance Ministry under the slogan “Partnership and Empowerment.”
Al-Jadaan said the ministry was focused on “partnership and commitment,” and sought to share the challenge of developing an effective budget to achieve the Kingdom’s ambitious goals.
“We are also committed to empowering financial leaderships to learn about the ministry’s programs and projects and provide training and qualification opportunities to the best international standards,” he added.
The finance chief said the budget planning process required the collaboration of multiple authorities and a clear strategy based on transparency. 
Items up for discussion at the forum included financial planning in governmental bodies, automation, and the promotion of revenues and efficient spending.
Finance Ministry steering committee chairman, Abdul Aziz bin Saleh Al-Freih, stressed the importance of the forum in getting the ball rolling at an early stage on formulating a general state budget.
Workshops were held on the sidelines of the conference focused on empowering government organizations, and a training program on financial planning and income estimations was also staged.