Forex touts short-change AAI

Chennai: Unauthorised dealers, carrying hot cash to be exchanged for foreign currencies, nag several passengers outside the international arrival hall of the Chennai airport causing huge loss to the Airports Authority of India (AAI).
The problem was persistent a couple of years ago and curbed following police raids. Now the illegal activity has reared its ugly head again right in front of the Airport Police.
When this reporter, posing as a prospective client, sought to know the exchange rate of the US dollar, a broker in business for more than a decade said: “Today’s buying price is Rs.49 a dollar at the Forex counter but I will give you Rs.52. We can negotiate and you will get a very good price.” On that day, the buying price of the US dollar at the Forex counter inside the terminal was Rs.50.25, which was less than the market rate. But, the buying price of a US dollar at a city Forex counter that day was Rs.55.63. So, if a person exchanged 100 dollars with the unauthorised broker, it would fetch him Rs.5,200 or more. The same transaction at the airport would yield Rs.5,000 and at a city counter, nearly Rs.5,500.
26/08/12 The Hindu

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Categories: airports Aug 2012