In an unexpected move to curb black money and stop the rampancy of counterfeit currency, the Indian government shrewdly has demonetised the 500 and 1000 rupee note on November 8, 2016.
Going through the nation is a shockwave caused by this change and individuals as well as businesses are scurrying for cover or just suspended motionless for the want of not knowing what to do next.
Those who have paid taxes and earned through legal channels have nothing to worry about aside from the inconvenience of getting their currency exchanged at the never ending queues at banks.
On the brighter side, though, with these new regulations the online foreign exchange market will get a tremendous boost. As the black market sees blackness like never before and slumps into redundancy, transactions using proper banking channels will increase leading to better volumes for online forex players.
With the new set of regulations in effect, demand for forex will increase as travelers going abroad will transact using banking channels. This is a very welcome initiative and will for sure have a positive impact on the forex industry in streamlining foreign exchange transactions. Be sure to log on to Fxkart.com for your foreign exchange requirements at the best rate in town.