Is UAE Exchange accepting demonetised Indian notes?

Dubai - Messages claiming that the exchange house will accept old Rs500, Rs1,000 notes have been doing the rounds.

Rumours are on the rise among Indian expats after demonetisation of Rs500 and Rs1,000 notes. A recent one says that one can exchange these notes at UAE Exchange in the Gulf region on December 12 and 13.

UAE Exchange has denied this and has advised the public to be careful and vigilant while receiving such fake messages, especially those circulated through social media and other channels like WhatsApp.

"I was surprised when I received a lot of forwarded messages from my friends individually and in group chats stating that UAE Exchange will be accepting the demonetised Indian currencies on December 12 and 13. Immediately, I checked with one of my friends working at UAE Exchange. He confirmed that it is a false communication being circulated by some unknown and unauthorised person," said UAE resident Saqib Nazir.


Indian expat Safia Beegum said: "Ironically, I received two versions of the fake message on WhatsApp from my family and friends in the UAE as well as from other Gulf countries. One was a forward message from my own office colleague informing that the exchange house is accepting Rs500 and Rs1,000 on December 12 and 13."

Avtar Singh, owner of Lama Tours, said: "On receiving the message.I called a friend working at the company to check the authentication of the news and he told me the company is not offering any such service to the expatriates. He also informed me that as per the Reserve Bank of India notification, none of the exchange houses are authorised to accept the demonetised Indian bank notes."

In response to the latest fake message doing the rounds on WhatsApp, UAE Exchange reiterates that they are not accepting these demonetised banknotes at any of its branches worldwide.

Promoth Manghat, UAE Exchange CEO, said: "We would like to inform our customers that currently we are not offering this service."

"Further to the notification of demonetisation by Reserve Bank of India, exchange houses are not accepting the demonetised banknotes of Rs500 and Rs1,000. We too, in line with our strict compliance to the notifications by regulatory bodies, have not been accepting the demonetized banknotes," said Promoth.

Mohammad Amin Hasbini, senior security researcher, Global Research & Analysis Team, Kaspersky Lab Middle East, Turkey and Africa, said: The misuse of instant messaging services is punishable by law in UAE, there is a designated investigative authority responsible for tracking such incidents. Users are expected to responsibly utilise the digital technologies in UAE, penalties by cybercriminal case could reach life imprisonment or fine of Dh3 million.

For clarification, contact the nearest branch or call customer care on 600 555 550 or write to corporate.communications@uaeexchange.com.

saman@khaleejtimes.com

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