Dear fellow Indians, it has been a momentous week in history!
The US has elected a long-shot outsider as President, and closer to home our PM has made a long-shot policy initiative of demonetising high-value currency notes!
In my humble opinion, in the long run, our domestic economy will see an upsurge, and we can now look forward to good times ahead!
More specifically, the Forex industry has always been extra exposed to the scourge of Black Money, which has brought-in unnecessary inefficiencies into the process.
Most notably, by transacting outside the system, the traveler is also non-compliant with Reserve Bank of India regulations, which can lead to confiscation of currencies at any point.
Also, by buying Forex in the gray market, the seller also cannot offer the better prepaid Forex card product to the traveller. And by accepting foreign currency notes the traveler is at risk of counterfeit notes, which can even lead to imprisonment in the foreign country – By some estimates the US $100 bill is the most forged currency in the world, with fakes accounting for more than 60% of the notes in circulation!
The move to demonetize Rs.500 & Rs.1000 currency notes, by which most black-money in the country was stored, was a move that we did not even dare to hope for! But due to the conviction of our Govt. the unthinkable has happened, and we sincerely rejoice!
Now we can convince our clients about the advantages and convenience of using an Online Forex service like BuyForexONLINE.com to purchase Forex for their foreign travel requirements.
Payment can be easily made online through Debit card/Credit card, Net-Banking or NEFT, and the rate displayed is fixed immediately. The Forex can then be home-delivered in the form of a multi-currency card, which can be swiped free of charge at any merchant location, or currency withdrawn from any ATM.
Rates for loading digital-Forex on the card are also much cheaper than buying hard currency – which is subject to demand and supply.
So, don’t let your travel plans be dampened, it’s the dawn of a new era. Its time to embrace a secure, transparent and a brand new digital India.
* Ananth Reddy