India and Foreign Currency Conversion

The Post is little longer. U can take many rest while reading it.

This is not any apocryphal story. Let me put in this blog some stories which represent the hard times that people face in this country. One of the story that represent our hard times in India is getting foreign exchange from Banks. I am writing about some experience faced by my friend and me in recent years.

These are some of the old experiences that I had around 2007 and 2008. In 2009 also, one of my friends told that he had the same experience like me and my other friend way back in 2007 and 2008. So, I am writing this piece as my experience in India regarding the problems of converting Indian Currency to Foreign Exchange- US Dollars.

In Connaught Place New Delhi, almost all the shops there are brokers for foreign exchange. They are, in my opinion, authorized people to deal with forex. The rate of these people will be slightly different from the nationalized banks has to offer. They buy US Dollar by giving you less amount than nationalized bank has to give; and charge you little higher Indian Currency if you want to buy US Dollar. So, You may think why not to go to Banks? – nationalized banks and private banks where you get slightly better rates?

Same we thought- back in 2007, also in 2008 and again in 2009. However, we fail to understand why these banks are reluctant to sell USD to you. Why do they need so many documents from you so that at last, you give up the idea of buying/selling forex? If legally, these many documents are required, then, are these people who buy and sell forex in all those blocks around Connaught place are doing business illegally? These people are not doing business in the dark. They are buying and selling USD in open market and does not seem to be doing any illegal business.

Then, it must be that our government has such an archaic rules which can not be understood by general public. I tell you the story of 2007 and at that time in Pune, we had to sell around 400 USD. We approached a shop dealing with forex. They easily gave us Indian Currency, took Xerox of our Passports, and took two print-outs of the receipts. They signed one of the receipts and gave to us. They retained another receipt with noting our passport number there and issuing country.

That’s all. The process was over by then.

Later, in Delhi, in 2008, we approached to Punjab National Bank in Connaught Place, New Delhi. Since my friend was leaving to her country, she had to change some only 2000 Indian currencies. Punjab National Bank gave us a simple answer that since the amount is small; you better convert it in Airport itself. We understood that it can not happen here now and headed to Indira Gandhi Airport, New Delhi. There inside, after security check up, it was converted. Interestingly, if you convert your Indian money to US Dollar in Airport, you have to pay much higher amount for each dollar. And if you convert Dollar to Indian currency, you get much less Rupees. And that day, I realized how difficult it will be to buy and sell USD from Indian Banks in India.

But, that is an iceberg of a problem- real problem that happened in 2009 makes you realize really how difficult the problem is.

Now, let me tell you the problem of my friend that was faced in 2009. He has account with Indian Bank, State Bank of India, Punjab National Bank, ICICI Bank and HSBC Bank.

This is interesting to mention here that he has his savings and credit card accounts in so many banks as he will be asked by almost all the banks whether he has account with that bank. Let me start a story with an ICICI Bank’s one of the branches in Cannaught Place in New Delhi.

There, he made a good effort to explain his problems and what services he expected from the bank employees. And, those bank employees made no efforts even to hear him. The bank was so crowded, and there were many people and the voices of my friend just created another cacophony in that group. Shortly, he gave up and opened the door and walked out.

There are many banks in Cannaught Place and my friend simply did not seem to be worried by the service of ICICI bank. If not this bank, there is another was in his mind.

Now, on the way, He saw another bank- he does not remember the name, either it was Standard Chartered bank or something called American Express. He tried to enter and on the gate the security guard stopped him. He thought they wanted to frisk him for security purpose. But the guard asks him why he wants to go inside. He answered for what he had come there.

The Security guard told him he can not get this service there, and immediately noted some Forex broker’s address on the paper and handed to my friend. The guard told to name of the bank, and told my friend to say that he has been referred by that bank-may be Standard Charted Bank. My friend got surprised, stunned and left the place fuming, and tearing that piece of paper. He could see thousands of brokers on the way and did not need any reference and address from anyone, much less from security guards of a bank where he was not allowed to enter.

And then, he moved. On the way, he saw a less crowded and completely calm place called ‘South Indian Bank’. What is there in the name if he can get service there? He entered and said what he wanted. He was asked whether he has bank account with this South Indian Bank. The answer was no and they also said that no, he can not get forex service there if he has not bank account there. He was asked in which bank he has account with? He replied, ‘State Bank of India’ among many banks with which he has accounts. He was told to walk little ahead, and there he will see ‘State Bank of Bikaner and Jaipur’ which is one of the many subsidiaries/group banks of State controlled ‘State Bank of India’. He obeyed. He went to State Bank of Bikaner and Jaipur and explained the case. He was asked whether he has bank account with State Bank of Bikaner and Jaipur and he replied that he has with ‘State Bank of India’. He was nicely advised to go ‘State Bank of India’ which is just 100 meters away from that place. He again obeyed.

He went to that bank ‘State Bank of India’ and found that that particular bank branch is for NRI Services. The bank served only to those customers which have bank account with that particular branch. He was told other two bank branches of ‘State Bank of India’ which were around Cannaught Place and was suggested to go there. Now, he succumbed little, and gave up the plan to visit those branches of ‘State Bank of India’. But, while walking around, he saw another bank ‘Indian Bank’ with which also he had bank account. He thought to give a last shot, and went inside, and explained his problem. The bank told that since my friend has bank account with Indian Bank in some other branch in Hyderabad, it takes minimum two to three days to get the services. My friend was told that he needs to submit his Visa and Passport, reasons for foreign currency requirements in one application. The request should be routed through his branch in Hyderabad, his branch in Hyderabad should be convinced that he really requires foreign currency and once the branch in Hyderabad approves the release of foreign currency, then, he will get it after two three days from Delhi Branch of Indian Bank.

The explanation frightened my friend, he came out and just on his right, there was a foreign currency dealer. He gave his Indian rupees-a thick bunch of money and received around 9 to 10 US 100 Dollar Notes.

He was really amazed, really frustrated and all smiling moved ahead to Delhi Metro Station in Palika Bazar, as I saw him on that day.

(I will write my experience of Nepal in relation to foreign currency conversion after few days.)

Part II-But of What?

[Some part of this post was written on 31^st December and has been completed now and just today. So, it contains at the end, more than what exactly was intended on that day. I hope that you all will enjoy.]

 

In my part I blog, I was talking at the end, my room and thin blanket. Let us see my room first. How does it look like? It looks very dirty, that is sure as I am very lazy to clean and not only me but my room members are also too lazy, and some even more lazy/lazier than me. It’s okay; it is their human rights to be lazy in a same fashion like mine. One more thing, these days, I am not in my regular room. Regular room-I mean, my usual University Hostel Room, which is my not only whole world but an entire universe and that remain always dirty occupied by a single member-me. Now and these days, my university is closed and is My University Hostel and we are not allowed to stay in that Hostel Room. So, I am like a refugee and staying with some of my kind hearted and very very helpful friends like Prashant, Kul Chandra and Ashok. There we live, many many people, about a dozen these days and very amicably and in a very friendly manner, till I am writing this another crap.

 

Now, let’s look at what we do regularly in our room. We never forget to do two very great and important things in our room. We regularly eat and quite happily sleep.

 

We sleep these days like animal and sometimes, even more happily than some of these animals in this world. We live a very carefree life though we know that many challenges are waiting for us.

 

I had made a reference about sleeping and thin blanket on my earlier post in part I of this blog, if u remember rightly. Most of you might be wearing thick woolen clothes and must be sheltering inside Nepali Sirak or some Chinese or foreign blankets that too under a very thick blanket. U must do it. If you are from delhi, u might be reeling under 2-3 Degree Celsius or if u are from kathmandu, temperature might be there around 5 degree Celsius and what about London and Astana????? I am sure that these all places have nice and pretty winter with a temperature that I personally like.

 

But, Dude, the story is different here. The people who are born and brought up here say that this year, it is cooler than all previous year. Might be! I can not feel it as last year, I had felt it hot and so, I do feel this year. Let me tell u situation here that, a normal cotton shirt from morning to evening will work as more than a blanket if you stay inside house. If you go out in the day time, you feel very hot. This is a place which is different and so, generally is South India.

 

So, thin blanket in the night serves all the purpose for what it is required here and that too switching on the fan. We need to switch on the fan before we sleep, and that is the story of this place.

 

The place is like this and there is nothing good or bad about the place as hot n cold environment is all about Nature. People stay here irrespective of what kind of temperature is here and so, I lived in this place for last five years and that experience is always good to remember.

 

While, I started writing this post on 31^st December, I had some certain other issues in my mind but today, when I am about to complete this, there is nothing that I remember that I wanted to write. So, if I make u feel bored coz of this incessant talk about this place, u just need to forgive me.

           Before, I part with his blog entry, I am sincerely thankful to Yogesh, a learned Senior brother, (for law graduates, two lawyers are always ‘learned brothers’) for taking his some time off from his rigorous study life and making some comments on my blog. I know, these days, hardly anyone reads me and even few bother to encourage by commenting. In such a draught situation, the efforts of Yogesh Sir were very encouraging to me and wish him and all the readers a great success in life. Keep on Reading!!!!! 

Come One, Come All To Vote Your Destiny: Election Commission

[ My few Words: This article is a copy-paste Article written by Dinesh Wagle in United We Blog. I have copied this article from UWB's website as it helps to spread information about Constituent Assembly Election in Nepal. For further information about its original publication, see the bottom of this Article. All Copyrights over the Article and images belong to Original Authors.]

By Dinesh Wagle

As part of its unprecedented campaign, Election Commission will send 8 thousand volunteers in each and every house of all villages of Nepal to deliver invitation cards: You and your family members [who are registered at the Commission] are heartily invited to the nearby voting both for the Constituent Assembly election on November 22.

An invitation to your family to vote. Sketch by Dewen via Kantipur

Random Feelings without dream

I have NO Dream
Sounds pessimistic? Right. Of Course, let’s talk about pessimism sometimes. Let’s talk about dark things in life. Life is not only spring; it passes through many many cold winters. You tell me, are not you felt bored, sad, unhappy, and angry in life? You have man, you must have. Then, why do not you talk about those things?

Something politically motivated!!!!

I have not written anything in my blog so many days. So, feeling like I have missed out something.
I am somewhere far from my temporary-but-usual place. People call it Hi-Tech City. Yes, Hi-Tech City of Hyderabad. Flooded with fancy buildings, fancy offices with fancy names. It has given job to many, status to many, and of course, quick bucks to many. Hi-Tech City in Hyderabad is a part of changing Hyderabad to Cyberabad.

A Nepali Gazal-Just a try.

If you are reading my blog for quite a long time, You know that how happy I could be if I write or read Gazal in Nepali. I love my language, literature and specially Gazals written in Nepali Language. It’s not my first attempt to write Post in Nepali.

THE LAST ONE TO INCREASE VISIBILITY

[I have Copied this Article from Asis’ blog wothout any prior PERMISSION. I hope that he will permit me to do this one and I hope that he will not comment here to remove this Article from here. I am not totally convinced about this viral Tag stuffs and do not really know how it will work. But, I hope that it works nevertheless. This is the fourth and the LAST ONE in this series of increasing viewers. My Blog can not consume more than this. I will be back with my own usual stuffs within few times. Please visit Blog pages of my friends Sajiva and (Ashish) http://alapot.blogspot.com/ as well and cerainly , do not forget to drop some comments here.

Did my blog become more visible to you???

Just another crap.

Viral Tag

This seems a nice way of increasing the ranking and popularity of your blog. You can also try this.

Seeing off somebody in Airport

This is always a difficult task. I had to go this time IGI (Indira Gandhi International Airport, New Delhi) to see off some of my friends who went back to their country after completeing their various
studies in India. We all knew that they had to go and there was no alternative. It was sure, and certain that oneday the date of departure arrives and we were supposed to act in a way the situation demands.