Banks in Thailand have no exchange rate for THB to INR todayIndian expat teacher who went to send some money home found to his disbelief that banks refused to send INR from Thailand. The Indian currency cannot be exchanged for Thai baht. There simply is no thb to Inr rate at Bangkok bank and possibly others. Banks are urging customers to change to USD instead. This has proven to be a blessing in disguise as the USD to INR rate is more favorable. You get more rupees for the dollar than for a Thai baht.
The impact of demonetization on forex conversions
Forex transactions involving the Indian rupee is something many in the government haven’t thought about. In all fairness, they could not have. The official forex conversion rate for the rupee is 1.92 to 1 Thai baht. Buying or selling INR in Thailand looks stalled temporarily. It remains to be seen how Indian tourists are coping with it. Using dollars or forex cards may be the solution.
The Indian government demonetized the 500 and 1000 rupee currency notes on November 8th, 2016. The move is greatly appreciated by most Indians in spite of the inconvenience of standing in long queues outside banks for hours. It is said to have great benefits for the economy. Much of the unaccounted money was rendered useless in a sudden move by the government. It has a leveling effect on wealth distribution, curbing corruption and most importantly bring in huge amounts of money into the formal economy. 30th of December 2016 has been set as the date to totally invalidate the two currency notes. After that date, they can still be exchanged at designated RBI branches. This exception is given only if the currency is acquired by legal means. Panic has set in the black or unaccounted wealth hoarders. The people have great expectations from this move as more taxes will be collected. Some hail this bold move as the biggest economic reform since India’s independence from the British roughly 70 years ago. The clean India initiative by prime minister Modi is set to cleanse the Indian economy as much as the streets.
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