Money exchanges discuss demonetisation issue with India's central bank

Muscat: Money exchange houses in Oman and other Gulf Cooperation Council (GCC) countries still have demonetised Indian currency and the officials are discussing with India’s central bank to find a solution, Adeeb Ahamed, managing director of Asia Express Exchange, told journalists here.
India’s central bank, the Reserve Bank of India, had demonetised Rs500 and 1,000 notes towards the end of last year.
“We are now asking the Reserve Bank of India what to do with the demonetised notes, whether to send back to India. We are still awaiting a response from the RBI,” he said, adding; “Everybody is facing the same problem, some have small stocks, and some others have large stocks, depending on the volume of business. Since we are a pan-GCC player, we have stocks across the GCC.”