Demonetisation ‘demon’ here to haunt travellers
HYDERABAD: The ghost of demonetisation refuses to settle down even after four weeks of its announcement. And the ghost is here to haunt those who are planning a foreign trip in the present situations.
Or simply put, it wouldn’t be easy for a traveller to go abroad, for the simple want of foreign exchange.
Though there seems to be no shortage in the availability of foreign currency, most of the currency exchange agencies which have been relying heavily on cash payments, for ages, have taken a direct hit.
Going by the recent government notification, one can withdraw only `24,000 a week from one’s bank account. And, to get a minimum of 1,000 US dollars, one needs to pay `66,000.
The money exchange agencies do not have the practice of using Point of Sale (POS) machines and preferred cash payments till recently. A sum of 1,500 UAE Dirhams would cost about `27,000 and a sum of `2,000 Saudi Riyals would require one to pay `35,000.
The scenario is affecting mostly individual travellers/tourists and not the business class travellers who travel on behalf of private firms.
“Earlier foreign currency would be available if we gave Indian currency. Now, neither do they accept Indian currency, nor do I have any to pay. But the catch now is that payments can be made through online banking or cheques, both of which are time taking procedures,” said Raghavendra, a pharma company employee from the city.
“We turn down any form of cash transactions and there is nothing that we can do even in case of an emergency. If payments are made through cheque, we wait till the cheque is cleared by bank and the amount is debited before handing over the foreign currency to the buyer,” said an employee from one of the reputed foreign exchange agencies in Begumpet.
He further added, “In case of internet banking, it would take at least one day for registration of account. We have no other mode of accepting payments now.”
According to him, no forex agencies have a practice of using Point Of Sale (POS) machines for swiping debit cards.
“We are soon going to get the POS machines and are awaiting for the approval from the head office. Once we have them, it should not be a problem,” the executive added, wishing not to be named.
A frequent traveller abroad, Sushant Y, explaining the scenario said one would not want to exhaust all his/her cheque leaves here.
“I strongly recommend every one not to become panic, given the situation. Most of the new age VISA/Master cards are internationally valid and can be used at any ATM kiosks or forex agencies abroad” he added.