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Cash Crisis Led Forex Counters To Pull Shutters In Gede

2016-11-16 15:40

Currency exchange


Gede (Nadia), Nov. 16: Mila Khatun, 25, of Faridpur in Bangladesh has lever problem and planned to see a city doctor for consultation today. But, she had to return along with her mother Jahanara yesterday, as none of the money exchange agencies at the bordering rail station Gede in Nadia given them Indian currency exchanging their US dollars.

Abdul Bashar of Darshana had an appointment for his son at a top city based hospital located on the EM Bypass. But, he failed to get any Indian money in lieu of the US dollars he brought from Bangladesh after entering Gede in India. A broken heart father had to return yesterday without any treatment for his son.

Same is the experience of Dinabandhu Mohaldar of Bangladesh. He also returned his homeland a little after he arrived in India through Gede border.

The banning of currency have landed the Bangladeshi nationals in great trouble as they could got their money converted at the foreign exchange counters located near the Gede railway station. The cash starved currency exchange counters have pulled down their shutters since November 10.

The three agencies which operate the exchange service provided their services to the people coming from Bangladesh. But, had to stop this due to scarcity of cash fund following withdrawal of money was restricted from their current accounts of the banks.

Around 700 Bangladeshi Nationals regularly with valid visa walk into India through Gede station. The Gede also makes railway link with Darshana in Bangladesh through which Indi-Bangla train service Maitree Express runs four times a week now. However, passengers of Maitree Express are not allowed to exchange their currency here.

But, since the banning of the currency, the number entries of Bangladeshi nationals have reduced largely.

“At present only about 100 Bangladeshi Nationals entering India through Gede. This is due to the cash crisis in India owing to sudden scrapping of currency notes. The news of ban of currency has spread well in Bangladesh and so they are avoiding coming to India to avoid harassment”, said Susanta Biswas of Souhardya Currency Exchange in Gede.

The Bangladeshi Nationals now mostly bring US dollar with them as the Bangladeshi taka is a devalued identity in the money market. The exchange agency take the US dollars from the Bangladeshi Nationals and later sell them to their city based counterparts, who issue them cheques.

“But for the past five days no cheques could be encashed due to restriction imposed by the government”, said Susanta.

“All the three exchange agency here in Gede have a regular average transaction of about Rupees two lakhs. After the ban was announced, we managed to provide service to Bangladeshi people for first two days using our resources. But, for the last five days we could not do any business. We could not withdraw required amount of money from our bank accounts. We were feeling embarrassed as we had to return several people who came for exchange. Finding no remedy we pulled down the shutters”, Susanta said.

Subimal Biswas of Sonali Money exchange private limited said: “The government has announced a daily withdrawal limit of Rupees 50000 from current accounts, whereas I have a daily requirement of at least Rupees one lakh. But, our banks offering us only Rupees 20000, which is quite insufficient for our trade. We find no way to get rid of the problem and eventually pulled down the shutters. This is an unprecedented situation”.

“I am not sure when I could open the counter. I come every day, open the counter in the morning and pulled down the shutter after cleaning the rooms.” he added.

“Most of the people who come to India generally go to Calcutta for medical treatment. The cash crisis put them in serious trouble ever since the banning of currency announced”, he added.

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