Sun. Aug 9th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Kuwait may force 8 lakh Indians to leave

1 min read

A crowd of Kuwaiti spectators erupt in cheers bearing a message of peace during the 50/20 Celebration parade in Kuwait Feb. 26. The 50/20 Celebration honors 50 years of Kuwaiti independence and the 20 years since Operations Desert Storm.

The gulf country, Kuwait has enacted a new bill on expats into law. The draft of expat quota bill has been approved by the legal and legislative committee of Kuwait’s National Assembly. According to the expat quota bill, not more that 15% Indian population should be there in the country. The bill is to be transferred to the respective committee so that a comprehensive plan is created.

The draft expat quota bill is constitutional as determined by the National Assembly’s legal and legislative committee. Gulf news confirmed this report via local media.

According to the outlet’s report, approximately 8 lakh Indians may have to leave Kuwait. Currently, the Indian community constitutes the largest expat community in Kuwait, that is, 1.45 million. Kuwait holds a population of 4.3 millions, expats account for 3 million.

The second largest expatriate community to 10% of Kuwait’s total population is Egypt, therefore, the bill calls for reducing this number as well.

The gulf country is also a top source of remittances for India. India received nearly, $4.8 billlion from Kuwait as remittances, in 2018. As the native population inclining towards minority, Kuwait has been preparing to reduce its reliance on foreign workers.

 

 

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.