Many Indians living in Gulf countries are experiencing a difficult time since the Indian government withdrawn the Rs 2,000 note from circulation. They claim that the banks in the region have not been informed of the policy change.
The Reserve Bank of India (RBI), in a surprise announcement on May 19, announced the withdrawal of Rs. 2,000 currency notes. However, the RBI gave the public until September 30th to deposit the Rs. 2,000 notes into accounts or exchange them with banks.
The RBI has asked banks to immediately stop issuing Rs. 2,000 notes.
In the UAE, Indians have a hard time exchanging Rs 2,000 notes.
Firoza Sheikh, (name changed upon request), landed in Dubai with her two kids last week to join her husband on a month-long holiday.
She rushed to a currency exchange centre a few days later when she heard about the withdrawal of Rs 2,000 currency. She wanted to get the equivalent local currency of eight Rs 2,000 notes. She was surprised when the exchange counter refused her request. She was told bluntly, “We have orders from the management to not exchange Rs 2,000 bills.”
She tried to rationalize, citing an announcement by the Indian government, but it was to no avail.
Several internet users have begun sharing reports about the Rs 2,000 note being refused by exchange centers across the Gulf region.
A message shared on social media stated that “INR 2,000 bills are not accepted in Saudi Arabia’s exchange offices.”
“I request that all Haj pilgrims bring Rs 500 notes in India.” Please share this important information with those who are planning to make the pilgrimage in the coming year.
Chandrashekhar Bhatia, a Non-Residential Indian businessman (NRI), of the Global Federation, said that many people he knows have Rs 2,000 currency bills.
“We are in a holiday period and the last thing anyone visiting the region wants is for their money to be useless,” he said.
Another businessman who chose to remain unnamed said that it’s not so much the decision, but its implementation, that leaves a lot to be desired.
“Things wouldn’t be so bad if banks and financial institutions had been informed in advance to exchange these notes. “If you’re told that the money in your pocket is worthless, it makes you look like a fool with nowhere to go,” said he.
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