Muscat: Following the RBI’s announcement on the withdrawal of Rs 2,000 denomination notes from September this year, some money exchanges in the capital have found themselves at the receiving end, as they await further guidelines from concerned authorities.

While a few residents have taken to the social media to voice their grievances against exchange houses’ refusals to accept the currency note that will be out of circulation from September 30, 2023, a representative of a top exchange house speaking to The Arabian Stories dismissed it as a mere case of confusion.

“There is no reason to worry or be in a hurry”, he stated, pointing out that it is a matter of confusion among the public and a case of pure caution on the part of exchange houses.

Indicating that it is a little too early to comment on the impact of the note withdrawal or on the banks’ policies regarding the existing currency notes, another exchange house representative stated there would be better clarity in a day or two, when people who possess Rs 2000 denomination notes would be able to exchange them locally.

However, he also noted that the number of Rs 2000 denomination notes in Oman is not large enough to warrant any desperate measures. “There are not many Rs 2000 notes with people here…I have hardly seen one in the recent past,” he said, explaining that the issue of non-acceptance by exchange houses should be resolved shortly.

The Reserve Bank of India had, on May 19, announced that it is withdrawing the currency note of Rs 2000 denomination from circulation. RBI also stated that the notes would continue to remain legal tender, and that they can either be deposited in bank accounts or exchanged by September 30, 2023.

RBI also stated that exchange facility for Rs 2,000 bank notes up to Rs 20,000 at a time would be available from May 23.