Money exchanges stop dealing in Rs2,000 Indian currency notes

Hazim Helmy, Staff Reporter

Money Exchange companies in the UAE have stopped dealing in the Indian currency note of Rs2,000 as of the beginning of October 2023 after the Indian government decided not to endorse it by Sept.30, 2023 in the framework of combating money laundry.

According to licenced exchange companies in the UAE, Dh1 equals about Rs22.5 Indian rupees, so the Rs2,000 is equivalent to Dhs88.8 or $24.

A number of exchange companies stated that they no longer deal with the India's Rs2000 currency note, after the Indian Central Bank banned that to combat money laundering.

It is worth mentioning that the Indian government launched the Rs2,000 note in 2016, after withdrawing the Rs500 and Rs1,000 notes from the market.

The government said previously that it was easy to keep banknotes of large value, and therefore it withdrew them to avoid “the black money.”