Exchanges in Qatar stop buying and selling Indian currency
In a shock announcement yesterday night, Indian Prime Minister Narendra Modi discontinued Rs 500 and Rs 1,000 currencies with immediate effect.
The effects of the announcement have been felt in Qatar too, with many exchange houses in the country suspending the buying and selling of Indian currency.
Many Indians living in Qatar, who arrived at currency exchange houses to change the notes they kept, had to leave away disappointed.
“More people are turning up asking for exchanging the currency, after the announcement was made. However, we have stopped currency buying and selling. People are walking in with considerable amount of money to be exchanged,” an employee of an exchange house told The Peninsula.
A main reason for exchange houses stopping the buying of Indian currencies is that there are few options to transport the money back to India, where they will have to be deposited into Indian banks and post offices before December 30 this year.
Indians living in Qatar, who may have large amounts of money they could not spend while back home on vacation and took back to Doha with them, could be affected by this move.
However, the move to demonetise the higher-value currency was generally well received. It is one of the boldest financial decisions to have ever happened in India.
Picture courtesy: businessinsider.com
Brit: These efforts have, conservatively, already resulted in the recovery of 15 billion gbp... While admittedly a drop in the black money ocean, it's a start and they should recover much more as the noose hopefully keeps tightening...
Nice day so far..
1) PM Modi kills terrorist funding
2) imminent Trump victory
3) India taking Poms by the scruff of their necks in cricket.
Yes it will have a huge impact in the short term at least for illegal cash hoardings.
Secondly, funding of terrorists in India by a certain neighbor has been dealt with a huge blow with this announcement... with notes of 500 and 1000 redundant now.
The real question is , whether this will address a corruption and illegal cash holdings.
Brit: Yes i too doubt that's the case, even if the report says so...a rial is approx 18 rupees and I can't even imagine someone carrying 1000 qar = 18k rupees back to Qatar...18k goes a reasonably long way in India and is a sizeable sum, not to mention a thick wad of notes to be carrying around in a wallet...
We have time yet .. Send the money with a friend to India
"Indians living in Qatar, who may have large amounts of money they could not spend while back home on vacation and took back to Doha with them, could be affected by this move." ... Large amounts ? So people convert thousands and then bring it back to Qatar ?