Cash chaos: Money exchanges sell Indian notes at a discount

Cash chaos: Money exchanges sell Indian notes at a discount

Oman - Remittance houses luring Indian expats to take discontinued notes by offering them at lower rates.



By Web Team

Published: Tue 15 Nov 2016, 1:11 PM

Last updated: Tue 15 Nov 2016, 5:35 PM

Exchange houses in some Gulf countries are selling Indian rupees at cheaper prices in a bid to clear up the stocks of Rs500 and Rs1000 notes.
According to Times of Oman, exchange houses in Oman are stuck with a combined 15 million rupees of scrapped Indian currency.
They are now luring Indian expats to take the discontinued currency notes by offering them at lower rates.
Before demonetisation, the same exchange houses were selling rupees at 175 rupees for every Omani rial, which is now available at 225 rupees per rial.
"We have Indian currencies worth Rs3 million stuck in Oman," Rajan B, general manager at Al Jadeed Exchange, said.
Two exchange houses reportedly have at least Rs4 million of scrapped notes.
"Bare minimum, we will have Rs4 million with us. What can be done is a question. However, waiting for further instructions," the head of a money exchange house said.


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