Money changers stop handling rupee notes
PETALING JAYA: Money changers here have stopped buying and selling Indian currency notes following the withdrawal of 500 and 1,000 rupee notes from circulation on Tuesday.
“We have stopped buying and selling the rupee notes because they have no value at the moment,” said an employee at the money exchange centre contacted by SunBiz yesterday.
“We have no idea when we will start buying and selling them again as we do not know what the outcome is going to be,” he said, adding most of the money changers have suspended buying and selling the currency notes, especially those of 500 and 1,000 rupees denomination.
The 500 and 1,000 notes, which are worth around US$7.50 (RM31.58) and US$15 respectively, are the largest bills in use in India.
In a televised address to the country on Tuesday, Modi said the government has decided that the 500- and 1,000rupee currency notes will no longer be legal tender, as part of its initiative to break widespread corruption and black money.
Instead, the prime minister said a newly designed 500 and 2,000 rupee notes will be issued later by the Reserve Bank of India.
“We only got a short notice this morning to stop buying and selling the (rupee) notes. Until now we do not know what the (real) situation is,” said another exchange centre employee.
“I guess the people (here) just have to wait because right now the notes can only be exchanged with banks in India and there is no way that we can bring the money there,” he added.
The Malaysian Association of Money Services Business CEO Shalini Pavithran was not available for comment, when contacted.