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Thu 8 Dec 2016 11:49 AM

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UAE Exchange denies rumour about exchanging scrapped Indian notes

Exchange house says it is not accepting demonetised Rs500, Rs1,000 notes at any of its branches worldwide

UAE Exchange denies rumour about exchanging scrapped Indian notes

UAE Exchange, an international currency exchange house, has denied social media and WhatsApp rumours of it changing the demonetised Indian currency notes on December 12th and 13th across its branches.

A fake message has been doing rounds on social networking sites and WhatsApp stating the UAE Exchange is offering to exchange the demonetised bank notes of Rs500 ($7.28) and Rs1,000 ($14.57) at its branches in the Gulf region.

“We are receiving many calls and customer visits at our branches seeking assistance to exchange the demonetised bank notes based on the fake news being circulated on social media and WhatsApp channels,” Promoth Manghat, chief executive officer, UAE Exchange Group, said.

"We would like to inform our customers that currently we are not offering this service."

Further to the notification of demonetisation by the Reserve Bank of India, exchange houses are not accepting the demonetised bank notes.

“We too, in line with our strict compliance to the notifications by regulatory bodies, have not been accepting the demonetised bank notes,” Promoth said.

Earlier this week, Vineet K Dudeja, chief executive officer (GCC Operations), Bank of Baroda, told Arabian Business that the Indian government is working to find a solution to resolve issues around non-resident Indians (NRIs) holding old currency notes outside India.

The government’s inter-ministerial task force has come out with a set of recommendations which are being reviewed, Indian media reported.

As of now, the only option for NRIs is to send the money back to India or authorise someone back home in writing to deposit the scrapped notes into their non-resident ordinary (NRO) bank accounts.

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