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₹2,000 note withdrawal: Indians in Gulf regions complain of denial of exchange facility
The Indians in the Gulf region are complaining that the banks are refusing to accept their ₹2,000 notes and are claiming to be not aware of the policy change
The Reserve Bank of India (RBI) decided to withdraw ₹2,000 denomination banknotes on 19 May and asked banks to stop issuing ₹2,000 notes with immediate effect. The central bank gave the public till 30 September 2023 to either deposit their ₹2,000 notes or get them replaced. But, as it turns out the process has been not very smooth for Indians in Gulf countries.
The Indians in the Gulf region are complaining that the banks are refusing to accept their ₹2,000 notes and are claiming to be not aware of the policy change. Some of the banks even bluntly told the customers that the management has instructed them not to exchange ₹2,000 notes.
Firoza Sheikh (name changed on request) is one such tourist who went to Dubai with her kids to join her husband for a month-long break. When she heard the RBI announcement withdrawing ₹2,000 notes, she rushed to banks to get her notes exchanged.
"We have instructions from the management not to exchange ₹2,000 notes," she was bluntly told.
Several Indians in the Gulf region are sharing their plight on the inability to get the ₹2,000 notes exchanged. "INR 2,000 notes not being accepted in Saudi Arabia exchange offices," a message shared via social media said.
"I request all hajis (Haj pilgrims) to bring ₹500 notes from India. It's important and please share this information with those embarking on the pilgrimage this year," the post said.
"We are in the middle of a holiday season and the last thing someone visiting the region needs is the bulk of their cash becoming of no use,” Non-Residential Indian (NRI) businessman Chandrashekhar Bhatia of the Global Federation said.
"If banks and financial institutions were informed in advance so that they could exchange these notes, things wouldn’t be that bad. If you are told the currency in your pocket has no value, one begins to look like a fool who has nowhere to go," another businessman said who didn't wish to be named.
(With agency inputs)
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Business NewsNewsIndia ₹2,000 note withdrawal: Indians in Gulf regions complain of denial of exchange facility
First Published:29 May 2023, 05:56 PM IST
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