Abu Dhabi: Indian expatriates in the UAE cannot exchange the invalid Rupees 500 and 1,000 currency notes from the money exchange centres in the UAE from Wednesday, a top money remittance industry executive told Gulf News on Tuesday.
Prime Minister Narendra Modi abolished the two denominations from midnight.
“We have to wait for more information and clear instructions [from the Indian authorities in this regard]. Therefore, we cannot start accepting those notes from Wednesday,” said Osama Al Rahma, Chairman of the Foreign Exchange and Remittance Group (FERG) — an official platform of the companies engaged in the business of money exchange and remittances in the UAE.
He said money exchange centres have stopped buying the Indian currency notes in the denominations of 500 and 1,000 immediately after Modi announced the decision to make them invalid from Tuesday night.