Huge numbers of people are turning up at currency exchange houses here to exchange the demonetized 1,000 and 500 Indian currency notes. However, exchange houses claim that nothing can be done from Qatar, following the cancellation of these denominations.
“There is a panic among the Indians here, and we are getting number of queries,” said Zubair Abdulrahiman, Operations Manager, Al Zaman Exchange.
India recently discontinued Rs500 and Rs1,000 currency notes, forcing the exchange houses to suspend selling and buying of Indian currency.
“We still cannot do anything from here. There is no direction from the concerned authorities and there is slim chance for Reserve Bank of India or other authorities to issue any directives for the exchanges abroad,” he said.
The situation is more or less the same in various exchange houses The Peninsula contacted yesterday. While many have stopped buying, they are selling Indian currency by few thousands, according to officials. “There is no Indian retail banks here, so there is no way for people here to exchange. Even the embassy also cannot do anything,” said Abdulrahiman.
He also said that the cash cannot be exchanged from exchange houses in airports.
“All one can do is to take the money to India and deposit in their Non Resident Ordinary Rupee (NRO) accounts, which does not pose much hurdle.
