Setting aside rumours that the UAE Exchange was accepting demonetized bills of Rs500 and Rs1, 000 in their centres in the Gulf region, the money exchange company clarified that they do not accept those banknotes at any of their branches worldwide.

 It also cautioned against the fake news spreading across the social media regarding it. 

 Social media rumours had it that the company was offering new notes in exchange for the banned Indian currencies at its branches in the Gulf region on December 12 and 13. 


“We are receiving many calls and customer visits at our branches seeking assistance to exchange the demonetised banknotes based on the fake news being circulated on social media and WhatsApp channels. We would like to inform our customers that currently, we are not offering this service,” Gulf News quoted Promoth Manghat, chief executive officer of UAE Exchange Group, as saying. He also stated that the company would strictly comply with the regulations of the Reserve Bank of India that restricted money exchange companies from accepting scrapped currencies.