Apart from the US Elections that has been causing the market to fluctuate wildly, another piece of news from the Indian Government has been raising eyebrows today.
Indian Prime Minister Narendra Modi announced yesterday that the Indian Rupee (INR) 500 and INR 1000 notes has been discontinued with immediate effect.
After checking with a few money changers here in Singapore, this is what we gather:
Aksha Exchange: "Yes we do accept, but our rate is 1000 INR = 10SGD"
MIJ Money Exchange: "We don't buy INDIAR RUPEE with 1000 and 500 notes, you need to go to an Indian Bank"
Al-Amin Trading Arcade: "Go to our counter and we will check it out"
Golden City Foreign Exchange: "Go to the bank, we don't accept it as of yesterday"
With that, we hope you could get rid of all your INR 500 / 1000 notes as soon as possible before they become worthless.
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