India cash crunch hits expat remittances

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Dubai: Almost 20 days after India demonetised widely used 500 and 1000 rupee notes, expatriates in the UAE are finding it hard to send money to their families back home due to the continuing cash crunch. Their families are unable to withdraw cash from banks since the announcement on November 8 when the currency notes that constituted 85 per cent of total liquidity were declared illegal tender.

“I sent money for my family’s monthly expenses, but my son is unable to withdraw money from the bank because of long queues,” said Shamseer Singh, 55, who works with an insurance company in Abu Dhabi.

He said many blue-collar workers from his state of Punjab depend on instant money transfers, which are very convenient for their families to collect from nearest post offices or shops. Most of the instant cash services have collection points in almost every village where there are no bank branches at all. “They are confused now how to end money,” Singh said.

 

 

 

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