UK withdraws old £20 note


Prime VIP

London, June 30

Indians who travel to Britain for sight-seeing, shopping or on business purpose, please note: from tomorrow, the £20 note featuring the image of composer Edward Elgar will be withdrawn

from circulation.

Every year, thousands of Indian tourists, students and business people travel to Britain.

New foreign exchange regulations in India allow a certain amount to be carried as cash, which is dispensed by banks and licensed foreign exchange dealers.

The £20 note featuring Elgar has been replaced by a note of the same denomination but features 18th century economist Adam Smith.

The Bank of England said for several months after the end of June most banks, building societies and post offices will accept the Elgar £20 notes for deposit to customer accounts and for other customer transactions, but this will be at the discretion of the individual institution.

However, the apex bank said it will always exchange its old notes.

Indians are among the highest shoppers in London's West End, and a consortium of retailers recently launched a campaign with the Home Office to relax visa norms for Indian and Chinese shoppers before the Olympics.

The withdrawal of Elgar's £20 note has been criticised as a 'national disgrace' by the music industry. — PTI