Indians in UAE warned against illegal fund raising
Abu Dhabi, Aug 21 : Indian expats enthusiasm to help flood victims in Kerala should not lead them to the wrong side of the law on fund raising in the United Arab Emirates (UAE), India's Ambassador warned here.
"The feedback received from the UAE government suggested that some individuals and organisations are involved in fund raising. I have to draw the attention of fellow Indians to the local laws (on fund raising)," Navdeep Singh Suri told the media on Monday.
He said only organisations that have special permission from the UAE's Community Development authorities can collect money and remit it abroad, the Gulf News reported on Tuesday.
Suri said the UAE authorities, including the Central Bank, have given the clearance for sending money directly to the Kerala Chief Minister's Disaster Relief Fund (CMDRF), which Suri said was the best way to help the flood victims.
"We don't want well-meaning efforts for the flood victims ending up in trouble. We are very mindful and respectful of local laws," the Ambassador said.
Suri also advised community organisations not to open temporary money exchange counters at their premises since the local laws do not permit it.
Al Ansari Exchange, the UAE Exchange and Lulu Exchange are facilitating free-of-cost remittance to the CMDRF, said the Gulf News.
Urging people to refrain from sending relief materials, the Ambassador said he had discouraged people who offered to send large amount of mineral water and medicines to Kerala.
"First of all sending medicines needs special permission. Moreover, India is the pharmacy of the world. You can get medicines in India at one tenth cost in the UAE," he explained.
Following the worst flooding in a century, over one million people are now sheltered in 3,274 relief camps in Kerala. The death toll since the monsoon rains began on May 29 has been estimated at around 370.
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Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
