Money changers stop buying, selling 500- and 1,000-rupee notes: association

epa05625261 People stand in queue to exchange Indian rupee notes at a national bank in the north Indian hill town Dharamshala, India, 10 November 2016. In a major decision, Indian Prime Minister, in an address to the nation has stated that currency notes with denomination values of INR 500 (about 7.5 US dollars) and INR 1000 (about 15 US dollars) respectively will be invalid and will be discontinued from midnight of 08 November 2016. Indian government also introduced the new notes of INR 500 (about 7.5 US dollars) and INR 2000 (about 30 US dollars) and citizens would be allowed to exchange their old currency notes through the banks and post offices till 30 December 2016. This is being considered as a major step towards curbing the problem of black money. EPA/SANJAY BAID

KUALA LUMPUR: All licensed money changers in Malaysia will no longer buy or sell the 500- and 1,000-rupee notes, said Malaysian Association of Money Services Business (MAMSB).

In a statement on Thursday, the association said this was in line with the Indian government’s decision to abolish the these notes, which were no longer be legal tender from Nov 9.

“The withdrawal of these notes affects all currency changers globally. 

“Any members of the public who are in possession of these notes or who are travelling to India may refer to the notification and the frequently-asked questions (FAQ) issued by the Reserve Bank of India and the Ministry of Finance, Government of India,” it said.

MAMSB said the FAQ provided details and specific guidance for members of the public intending to exchange the Rs500 or Rs1,000.

Any member of the public facing difficulty in exchanging foreign currencies may contact the association at [phone], it said. 

On Tuesday, Indian Prime Minister Narendra Modi announced that the current Rs500 and Rs1,000 notes would not be valid and they would be replaced with new Rs500 and Rs2,000 notes from Nov 10, 2016. 

The move is part of a crackdown on corruption and illegal cash holdings, while people will be able to exchange their old notes for new ones at banks over the next 50 days. - Bernama