The currency exchange has become one of the major issues for the Indians staying abroad. Most of Indians and to that matter also many Goans working in Gulf Countries are facing the major hurdle in banned currency exchange. To avoid the further confusion amongst the expats and to provide them relief from tension the Indian ambassador in Oman told the expats to not to get panicked over the exchange of the Indian currency. Read the full report here.
According to the news published by the Oman Times daily, Indira Mani Pandey, the Indian ambassador to Oman has asked NRIs to not to panic over the exchange of an Indian high-value currency. “I request the NRIs in Oman not to panic or engage in an exchange of their demonetised currency of INR500 and INR1,000 denominations through illegal ways and means. The government is seized of the matter and it will issue advisory applicable for NRIs soon,” the Indian ambassador to Oman told the Times of Oman, adding that ““The Indian government has taken a bold step to fight black money. I request NRIs to cooperate with that,”
The sources have revealed that the Bank of Travancore, which runs a Global Money Exchange in Oman appealed Indian people to not to fall prey to any sort of illegal ways to convert the banned notes. “The whole idea of demonetising INR500 and INR1,000 is to eradicate black money. So, people should cooperate. No need to panic. Domestically, the conditions will better soon and after that government will come up with a solution for NRIs,” said the General Manager Mr. Madhusudan R. of State Bank of Travancore in Oman adding that “I am hopeful that the government will come out with a solution for NRIs soon.”
Meanwhile, there are some exchange houses that are offering very lucrative selling rates for the demonetised Indian currencies. For instance, the present rate of OMR1 INR175 but some of the houses are offering INR200 and above. “NRIs are allowed to carry up to INR25,000 to India as per Reserve Bank of India rule. Deposit to the bank before December 31. We sell currency at INR200,” said the sources in Oman exchange house.
A circular from RBI on August 04, 2016, states that a resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of government of India and Reserve Bank of India notes up to an amount not exceeding INR25,000. A general manager at another exchange said that they are also offering the same for customers.
“Nowadays, we are offering anything in between IMR200 to INR225 if someone wants to exchange their money,” the manager said. Joby Joseph, an NRI living in Oman for the last 15 years, said: “The decision which government has taken is a wise and bold one; however it was announced without doing adequate preparations or homework. Maybe such a massive program should have been done with more research and homework from the Reserve bank of India (RBI) and government.”
Meanwhile, India’s government has increased the limit on cash withdrawals from bank accounts on Sunday to calm down the angry public as millions of people clamored for new rupee bills. Large crowds were again gathered at banks across the country trying to change 500 and 1,000 rupee bills. The banned rupee notes made up more than 80 percent of the currency in circulation, leaving millions without cash and threatening to bring much of the cash-driven economy to a halt. The Indian government is expected to clarify in the coming days how non-resident Indians can legally change the notes.