Demonetisation Hits Indians Working In UAE

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Dubai:  Expatriates in the UAE are struggling to send money to their families in India post-demonetisation of Rs. 500 and 1,000 currency notes, the media reported on Monday.

Their families are facing a tough time withdrawing cash from banks since Prime Minister Narendra Modi announced the move on November 8.

The cash crunch has badly hit rupee remittance transaction to India through bank transfers and instant cash transfers, Gulf News quoted the staff at certain money exchanges in Abu Dhabi as saying.

“I sent money for my family but my son is unable to withdraw it from the bank because of long queues,” Shamseer Singh, who works with an insurance company in Abu Dhabi, was quoted as saying.

He said many blue-collar workers from his state of Punjab depended on instant money transfers, which are very convenient for their families to collect.

The situation has deprived Indian expatriates of an opportunity to cash in on a record low exchange rate of rupees.

Indian rupee fell to a record low of 68.86 against the US dollar last Thursday, making one dirham worth 18.7 rupees.

On Sunday, rupee was around 18.58 against dirham. Despite that there were not many customers to send money to India.

 

 

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