Cash transactions have become tougher, say dealers
With stringent norms being put in place ahead of the Lok Sabha elections, cash transactions have become tougher for people engaged in foreign currency exchange transactions in the district.
“We usually visit hotels that accommodate tourists who pay with foreign currency and help in exchange. Even though we carry the required documents as mandated by Reserve Bank of India (RBI), we have been subjected to stringent checking by the flying squads,” said a manager of a private company offering foreign exchange services here.
“We come under a lot of suspicion since many of us are often carrying currencies from different countries while travelling, and we are forced to explain despite having relevant documents,” he said.
An employee working with a foreign exchange centre here also said that transfer of cash between branches had become tougher.
“We have outlets in Manamadurai, Theni and Sivaganga where cash is taken from the branch in Madurai. Since we travel by two-wheelers or buses, we have been stopped during the last few days and have been asked to call our area or regional managers to get our claims verified,” the employee said.
District Collector and Returning Officer of Madurai Parliamentary constituency L. Subramanian said that there had been norms specified by the Election Commission for banks and companies dealing in foreign exchange.
“Details of the documents that have to be carried have already been communicated to the financial institutions which transport cash. We have not detained or seized cash if the documents are proper,” he said.