Ever since the Indian government has announced that Rs 500 and Rs 1000 notes have become redundant, expats have been queuing up at exchange centres trying to get their money converted.
While smaller quantities of currency to exchange would be the norm, staff at a few money exchanges in the UAE said that they came across people with money ranging from Rs 200,000 to Rs 800,000.
“I thought it will be Rs 2,000 or so and since we were not giving exchanges, I just casually asked him how much money is there. He showed me a bag and said Rs 800,000.
“I was shocked. Why would anyone bring in such big amount to money exchange,” an employee of a top money exchange group told the Khaleej Times.
Another staff member at a facility said that requests to transfer such huge amounts were not uncommon but exchange transactions of such volumes were unheard of.
“You transfer large amounts but exchanges worth Rs 200,000 was a first for me,” he said.