Customers upset as traders halt dealing with Indian notes

KUALA LUMPUR: Angry and worried customers thronged moneychangers in the busy Indian enclave of Masjid India here, trying to change their rupee notes.

Many were upset when they found that none of the moneychangers were buying or selling the Indian currency.

Yesterday, most moneychangers had put up signboards announcing a halt in trading following a surprise announcement by Indian Prime Minister Narendra Modi to remove the 500 and 1,000 rupee notes from circulation.

The value on currency exchange boards for the rupee was also “nil”.

A frustrated K. Sathiaseelan, 58, said there should be more interaction between the Malaysian and Indian governments to work out the issue.

“The Indian government should liaise with local banks to ease the transition of pulling out the two denominations.

“The Indian High Commission should also play a role to help resolve the confusion,” he said.

Sathiaseelan said he was now unsure of what to do with his Rs30,000 (RM1,947) as he was only planning to visit India next year.

V. Jyanaskeran, 61, said it was lucky that he would be going to India in two weeks and could exchange his notes at the banks and post offices there.

“I have been buying rupees for the coming trip over the past several months. But even then, I am worried as I do not have any other denominations for emergencies,” he said.

Moneychanger Sky Exchange Sdn Bhd manager Naziraa Banu said they were still waiting for further updates from the Indian government.

“We are stuck with almost Rs1mil (RM64,000) in stock. We cannot even trade the lower denominations as we would have to sell at a lower price.

“We have had people calling and shouting as they do not know what to do with their rupees,” she said.

The sudden scrapping of the denominations, she added, had not allowed for people to plan for contingencies.