Following the Reserve Bank of India’s (RBI) decision to recall Rs 2,000 currency notes on May 19, Indian expatriates and tourists in the Gulf, including the UAE, are facing difficulties in exchanging their holdings. Money exchanges, responsible for converting the Indian rupee into local currency, have refused to handle the withdrawn notes, leading to frustration among individuals seeking currency conversion.
Officials from Dubai’s money exchange unions have explained their reluctance, citing concerns over the inability to sell the withdrawn currency. Consequently, they are advising Indian tourists and expatriates to deposit the notes into their Indian bank accounts instead. However, this poses a challenge for Indians residing abroad, as they now find themselves dealing with the repercussions of RBI’s decision in a foreign country.
Money exchangers further disclosed that none of their customers are willing to purchase the Rs 2,000 notes they currently possess. The exchanges are burdened with significant amounts of these notes, which were accepted prior to the ban, and are unsure how to handle them. “Now that the currency has been withdrawn, the exchange rate for these notes will be very low,” stated an official from Al Razouki Exchange in Dubai.
In response to the RBI’s withdrawal, UAE exchanges were quick to stop accepting the Rs 2,000 notes, leaving individuals with limited options for currency conversion. The situation remains uncertain as expatriates and tourists struggle to find alternatives for their Indian currency holdings in the Gulf.
Post Your Comments