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Illegal exchange of notes in Dhubri district

By Correspondent

DHUBRI, Nov 14 - As the old denomination notes of rupees 500 and 1000 are no more legal, a few traders are exchanging them at a much lower rate in different parts of the district.

Sources said that as the common people have to stand in queues for long hours in front of the banks and post offices to exchange their old notes, they are preferring to exchange them from local traders at a much lower value. A few are also exchanging currency at lower rates as they need immediate cash and no one is agreeing to give change for the notes. It was, however, informed by the sources that the old notes of Rs 500 denomination is being exchanged for Rs 200 to Rs 450 while for exchanging the Rs 1000 notes, change value of not more than Rs 600 to Rs 750 is given.

�Such business is being done in rampant not only in busy town areas but also in remote villages,� police sources said who also added, �and detecting such dealers is tough because they are getting public support and are doing it on a �flying� basis.�

Sources also said that these dealers contact persons in need of change and then exchange the high denomination notes for much lower value.

�Although there are many such traders throughout the district but they are not taking the risk of exchanging notes worth more than a certain amount per day,� said police sources adding �this is another reason for which these people remain undetected.�

Police sources also informed that such agents also mislead the people about the ban on old denominations. �We have seen that people in remote areas are still confused and cheats take full advantages of their innocence and exchange their old denomination notes at a much lower value,� he added.

On the other hand, a few people are compelled to exchange the notes for such lower value even after knowing it because they need immediate cash for buying essential commodities, sources added.

Meanwhile, ATMs all over the district are yet to be fully functional and the citizens are forced to e depend only on banks for exchange of money. Sources also informed that money exchange facilities are yet to made functional in various branches.

However, a meeting was held at the DC bungalow regarding the present situation arising out of currency issue on Saturday evening where all the senior officials of different banks participated.

As per the decisions of the meeting, a few important announcements were made through which the administration has asked the citizens not to keep huge amount of small denomination notes in hand and create a crisis as some people are taking advantage of it. The bank officials also ensured that high denomination new notes will soon be available and the crisis in the district will be tackled within a few weeks. The administration also requested the people not to panic over the issue.

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