-
While Indians are feeling the pinch of RBI’s decision in a foreign country, money exchangers said that none of the customers are willing to buy the Rs 2000 notes they hold
-
Officials said that many foreign currency exchanges hold huge sums of Rs 2000 notes (which they accepted before the ban). They said they do not know what to do with them.
-
“Now that the currency has been withdrawn, the exchange rate for these notes will be very low.”
– Official at Al Razouki Exchange in Dubai
After the Reserve Bank of India (RBI) decided to withdraw Rs 2,000 currency notes on May 19, Indian expatriates and tourists in the Gulf, including the UAE, are finding it tough to exchange the notes they hold. This is because the money exchanges (foreign exchange dealers who convert the Indian rupee into local currency for a fee) are refusing to deal with the withdrawn currency. Officials of various money exchange unions in Dubai told Onmanorama that they stopped accepting the currency because they fear that they would not be able to sell them. They are now instructing Indian tourists and expats to deposit them in their Indian bank accounts.
While Indians are feeling the pinch of RBI’s decision in a foreign country, money exchangers said that none of the customers are willing to buy the Rs 2000 notes they hold. Officials said that many foreign currency exchanges hold huge sums of Rs 2000 notes (which they accepted before the ban). They said they do not know what to do with them. “Now that the currency has been withdrawn, the exchange rate for these notes will be very low,” said an official of Al Razouki Exchange in Dubai.
As soon as the RBI withdrew the Rs 2000 currency, exchanges in the UAE were reluctant to accept them.
********************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com
