MONEY EXCHANGE CENTERS ABOUT TO LOSE 2 BILLION INDIAN RUPEES IN KSA
Money exchange centers in Saudi Arabia are about to lose millions of Saudi Riyals (Approximately 2 Billion Indian rupees) due to the Indian government demonetization step of scrapping 500 rupees and 1000 rupee notes. Trending : Indian rupee fall down against Saudi Riyals
According to the report of Saudi Gazette, There are more than 50 money exchange centers in Saudi Arabia with the support of Saudi Arabian Monetary Agency (SAMA). Most Viewed : How Indian expats can exchange old money
- On the 9th November 2016, Just after the day of demonetization news, Interior Ministry warned the public and money exchange centers to hand over the Indian currency to the banks and replace it with new money or 100 rupees denomination notes.
- It is estimated that money exchange centers currently holds nearly SR 110 Million Riyals nearly 2 Billion Indian rupees. About half of the money will be remained in Kingdom for long term and would increase pre-tax profits for public sector banks. Related : India scraps 500 rupee and 1000 rupee notes
- 80% of the Indian currency will return to Indian banks, It is about to increase the growth of deposit by 10%. Hot topic : Indian arrested for adding Hindu god on Kaaba