Following the decision by Government of India to cancel the legal tender character of the high denomination banknotes of INR 500 and INR 1000, there have been several rumours on the exchange of these demonetised banknotes through money exchange companies in the Gulf region.

UAE Exchange advises its valuable customers and the general public to be careful and vigilant while receiving such fake messages, especially those circulated through social media and other channels like WhatsApp.

Promoth Manghat, Chief Executive Officer of UAE Exchange Group, said, “We are receiving many calls and customer visits at our branches seeking assistance to exchange the demonetised banknotes based on the fake news being circulated on social media and WhatsApp channels. We would like to inform our customers that currently we are not offering this service.”

In response to the latest fake message doing the rounds on WhatsApp citing that UAE Exchange is offering to exchange the demonetised banknotes of INR 500 and INR 1000 at its branches in the Gulf region on 12th and 13th December, UAE Exchange reiterates that they are not accepting these demonetised banknotes at any of its branches worldwide.

“Further to the notification of demonetisation by Reserve Bank of India, exchange houses are not accepting the demonetised banknotes of INR 500 and INR 1000. We too, in line with our strict compliance to the notifications by regulatory bodies, have not been accepting the demonetised banknotes,” said Promoth.

For clarification, contact the nearest branch or call customer care on 600 555 550 or write to corporate.communications@uaeexchange.com.