Abu Dhabi: Rumour-mongers among Indian expats are cashing in on the currency crisis following the demonetisation of high-denomination bank notes of Rs500 and Rs1,000 back in their country.

There has been a spike in the rumours about the exchange of these invalid bank notes through money exchange companies in the Gulf region.

In view of this, UAE Exchange has asked its customers and others to be careful and vigilant while receiving such fake messages, especially those circulated through social media and other channels like WhatsApp.

The move came in response to the circulation of the latest fake message doing the rounds on WhatsApp citing that UAE Exchange is offering to exchange the demonetised bank notes at its branches in the Gulf region on December 12 and 13.

“UAE Exchange reiterates that we are not accepting these demonetised banknotes at any of our branches worldwide,” the firm said in a press release on Tuesday. It also released the WhatsApp screenshot of a conversation between a UAE Exchange employee and her friend who enquired on the authenticity of the message.

Promoth Manghat, chief executive officer of UAE Exchange Group, said, “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.

“Further to the notification of demonetisation by Reserve Bank of India, exchange houses are not accepting the demonetised banknotes of Rs500 and Rs1,000. We too, in line with our strict compliance with the notifications by regulatory bodies, have not been accepting the demonetised banknotesl.”

The company said customers can clarify their doubts on such matters by contacting its nearest branch or calling customer care on 600555550 or writing to corporate.communications@uaeexchange.com.