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Dubai-based NRI gets Rs 2,000 notes worth Rs 160,000

Dubai-based Indian businessman M.K. Latheef is the proud owner of currency notes from various countries but it’s his latest addition that will turn eyeballs — Rs160,000 worth of newly released Rs 2,000 denomination Indian currency notes. “Yes, I got it from various places – New Delhi, Mumbai, districts of Kerala among others,” the native of …

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Not just India, people staying in Singapore and Dubai are facing trouble over Modi’s demonetization

PM Modi’s demonetisation policy may fetch good results in the long run. But currently it’s taking a severe toll on common men who are facing difficulties in getting old notes exchanged and waiting in queue at ATM only to know that there is no cash in it. Life hasn’t been so difficult for daily wagers …

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5 ways NRIs in UAE can convert their Rs500, Rs1,000 notes

Long queues outside ATMs, a handful of people flashing pink Rs2,000 notes, news of hospitals refusing treatment because the patient didn’t have new notes… several stories have been doing the rounds ever since Indian Prime Minister Narendra Modi scrapped the Rs500 and Rs1,000 currency notes unceremoniously, and announced the launch of the new Rs2,000 currency …

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Only Indian bank in UAE awaits nod to accept invalid rupee notes

Abu Dhabi: Indian expatriates still have no options in the UAE to exchange Rs500 (Dh27) and Rs1000 currency notes that were declared invalid in a surprise move by the Indian Government on Tuesday night. Money exchange centres are not accepting those denominations of Indian currency. Although banks in India have started accepting the withdrawn notes, …

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Dubai Desis, so what happens to your cash ?

The sudden announcement of the withdrawal of 500 and 1000 Indian currency notes has raised many questions in the minds of Dubai Desis. If you have legitimate money lying back home in your cupboards and safe, then you have to get it deposited in your bank account before December 30, 2016. You have till March …

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Exchanges stop accepting 500-1000 INR notes

Money Exchanges in Dubai have announced that they will stop accepting INR 500 – 1000 notes till the Government of India clarifies the situation. The sudden withdrawal of the 500 and 1000 notes as legal tender will cause hardships to tourist who carried cash to UAE to spend as money exchanges will no longer convert …

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Research, compare options before remitting money

Expatriates in the UAE often send money to friends and families overseas. This is such a frequent occurrence, in fact, that according to the ‘2016 World Bank Migration and Remittances Factbook,’ the UAE is currently ranked as the fourth top remittance-sending country in the world. This accounts for more than $19 billion (Dh70 billion) in …

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NPCC bags $141m EPC project from India’s ONGC

India’s Oil and Natural Gas Corporation Ltd (ONGC) has awarded a $141m (AED520m) contract to Abu Dhabi-based National Petroleum Construction Company (NPCC). The project involves replacement of 10 wellhead platform topsides at ONGC’s Mumbai High North and South fields, MHN and MHS, respectively. Out of these 10, four are on the MHN field while six …

UAE’s Hamriyah Free Zone Authority looks to woo Indian investors

In a bid to attract more investments from Indian businesses in existing and new sectors, the Hamriyah Free Zone Authority (HFZA), located in Sharjah, United Arab Emirates, announced a slew of incentives at a select media round table in Mumbai. “The idea of the free zone is to raise FDI investments in existing as well …

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Vibrant Gujarat summit: UAE to be partner country, first from the Muslim world

The United Arab Emirates (UAE) has become the first Muslim nation to become a “partner country” for Gujarat government’s biennial investors’ summit, the eight edition of which will be held from January 10-13 in 2017. “We have received a confirmation from UAE for being a partner country for Vibrant summit,” said P K Taneja, Additional …