Exchange Rate Blunder: Indian Missions Short on Revenue

A recent report by a parliamentary panel has spotlighted significant failures by Indian missions abroad in implementing the revised exchange rates for local currencies, as directed by the Ministry of External Affairs (MEA) for the Overseas Citizen of India (OCI) scheme. This oversight is believed to have caused a staggering revenue shortfall of Rs 58.23 crore between 2017 and 2020.

The Public Accounts Committee, led by Congress MP K C Venugopal, underscores how several missions, particularly in the Euro Zone and the UK, did not align their visa fees with the updated Rate of Exchange (RoE). The report elucidates that a lack of thorough monitoring by the MEA contributed to this miscalculation, which led to the suboptimal collection of fees for OCI cards.

In light of the findings, the Committee urges the Ministry to implement uniformity in fee calculations across all missions and posts, ensuring accountability for procedural lapses that have previously occurred. The report demands prompt communication and compliance enforcement to prevent similar financial discrepancies in the future.