The recent move of the central government to tackle counterfeit currency and curb unaccounted money through demonetization of INR 500 and 1000 denominations, has been widely accepted across the country to protect Indian economy. While addressing to the nation, PM Narendra Modi stated that black money and corruption were the biggest obstacle in nation’s development and poverty eradication.
In support to the sudden, but radical change, V George Antony, MD of UAE Exchange, India expressed his full support. Antony said, “Foreseeing this, years back, UAE Exchange India had applied and got license from the RBI for XPay Digital Wallet as early as 2009. Now we stand as a pioneer in digital payment with a fully functional XPay Cash Wallet. ”
XPay cash wallet features free of cost registration for customers and merchants, payments to merchants for buying goods and services, instant wallet-to-wallet money transfer free of cost, and instant money transfer to bank account.
Every individual has to exchange the current 500 and 1000 rupee notes at nearby post office or banks before December 30, 2016. Those unable to deposit their notes by December 30 have to change the notes by March 31, 2017 through a valid ID card, along with a declaration of the money.
XPay cash wallet, the digital payment platform of UAE Exchange India, has expressed its support for Indians to tackle this financial emergency in the future too.