Not just India, people staying in Singapore and Dubai are facing trouble over Modi’s demonetization

PM Modi’s demonetisation policy may fetch good results in the long run. But currently it’s taking a severe toll on common men who are facing difficulties in getting old notes exchanged and waiting in queue at ATM only to know that there is no cash in it. Life hasn’t been so difficult for daily wagers and software engineers alike, when there is money in account but can’t be used. The irony of money couldn’t have been worse.

At such a juncture, when many daily wagers haven’t eaten ample meals in last few days because they couldn’t stand in queue at the bank fearing a day’s loss of income, things aren’t better for well offs staying abroad.

For the NRIs and foreigners planning a visit to India, the fun isn’t the same anymore. Earlier they would be basking in the idea of meeting Indian friends and visiting historical monuments in Rajasthan, Uttar Pradesh and Delhi. Now they can only think of how to get enough cash in hand.

Indian economy, apart from a few exceptions, is largely dependent on cash. Be it street snacks stores to ticket counters of railways at small stations. A few countries in the Middle East, Singapore, Malaysia, Sri Lanka, Nepal and the countries where Indian population is a bit denser, there are options to change to Indian currencies directly from local ones. Instead of changing to USD first, this foreign exchange has two benefits. Firstly there is not much loss of money in the name of exchange rate. Also you won’t have to depend on another forex office to get the dollar changed after landing in India.

Travel advisors make sure people visiting India change to rupee before boarding the flight. The recent demonization has left the tourists in tension. According to Sreyashi Sen, an entrepreneur in Singapore, all the forex offices where they would get Indian currency have stopped changing money to rupee. Leading forex like Mustafa has also put a board outside saying ‘No INR’.

Sen, planning a visit to Goa early next week would have count some extra bucks when she lands in India to get currencies changed. Moreover if among the few available forex counters in Goa are non-operative, by any chance, she would be left at the mercy of god.

Idmantzi, a Mexican citizen on her India trip is currently halted at Darjeeling in West Bengal. She is a solo traveller without any acquaintance in India. She was carrying a credit card from her country, which isn’t operating in India. The cash, she carried, is in Rs 500 mostly, which has been refused by the hotel and other places there. She had to ask favour from her embassy, who rushed to Darjeeling and bailed her out.

If these miseries aren’t enough, an old couple from Kolkata who went to visit their son in Malaysia had a tough time returning home from Kolkata airport. After they landed at the airport yesterday, the pre-paid counter didn’t accept the notes they carried a month back. Forget booking taxi through apps, for they don’t own a smartphone. Finally a normal yellow taxi decided to ferry them on the condition of paying full Rs 500 without any change in return. The septuagenarians had to shell out Rs 500 for a distance of mere 10 kilometres. Possessing a great sense of humour, the septuagenarian man told the author, “We don’t have any black money. But a note of Rs 500 at the time of economic black out.”