Another Demonetization Coming?

The money changers in Arcade, Raffles place are again offering a rate better than the spot rate. The current spot is 47.20 and you could get 47.75 with the money changers.

Again the notes are all legit and there is nothing wrong that I could find.

Last time this happened, it was in October 2016 and the 1000 and 500 Rupee Notes were Demonetised in on 8th November 2017 (

I could not help but wonder if 2000 Rupee notes will soon be withdrawn and prove the rumours correct. If that happens where will Indian GDP go is anybody’s guess but till then if you are visiting to India then exchanging money in Singapore and carrying back is a profitable bet.


21 thoughts on “Another Demonetization Coming?”

  1. Hello All,

    Can anyone suggest, is Money changers at Arcade are still offering higher rate for INR.
    or any other place in Little India



  2. Hi Aditya,
    Is capital gain from trading in virtual currency like bitcoin is taxable in Singapore ?

    Many Thanks


    1. Hi Arin

      From what I understand is that the rules for virtual currencies are the same as any other instrument like Mutual Funds, stocks, bonds, forex etc. If there is a firm who trades in bitcoin then I think the gains are taxable as business gains or if a individual trades in bitcoin for a living then that becomes the person’s business income and would be taxable. Other wise anything that’s a capital gain is not taxable.
      Best to call up Iras and check explaining your individual profile.


  3. Would it be OK if I cross-posted this article to I’ll be sure to give you complete credit as the author. There is no fee, I’m simply trying to add more content diversity for our commu8nity and I liked what you wrote. If “OK” please let me know via email.



  4. Hi Aditya, Morning, Could you please advise your prediction on SGD INR for new few weeks. is it worth sending 40k at this rate and deposit in FD.will the $ go upto 47.50 – 48. kindly advise



    1. Hi Veera,

      47 is a real possibility within the next week. For 48 the tensions on India Pak border will have to escalate.

      If it is a good time and where to invest depends on your risk appetite. I think Hdfc bank with 6.9% is probably the best rates right now, other banks are in the 6.5% range. RBI bonds are still offering 8% but are taxable.
      I do think that interest rates in India can decline further once the NPA situation gets resolved. So if I were you I will transfer a portion of the money once rate crosses 47.


  5. Hi, this is an interesting thought and I wonder whether there will be further demonetisation in India. What do you think? Also, please check out my new blog ‘Everyday Economix’ – I would really appreciate it. Thanks and have a good day.


  6. Here is another interesting read. I think it’s best to stay away from 2000 Rupee note incase you dont intend to spend it in next few days. Though I don’t think the 2000 Rupee note will be banned but there is every possibility that new ones will not be printed and slowly 2000 Rs. Notes will be removed from circulation.
    DailyO: Is it time to say goodbye to Rs 2,000 note?


  7. Atleast 2 money changers were offering 48 and one 48.30 today, that’s a massive 5% premium over spot.
    I can’t help but wonder if there is something coming after 31st March


  8. The cash rates in Arcade are crazy, atleast 3 money changers offering 48.05 and one 48.30 for one sgd. That’s a whopping 4 to 5% premium over spot!


  9. Just an FYI.. I have enquiried with few money changers in Raffels, couldn’t find anyone who provides INR remittances services to bank account.



    1. I had guessed that, because all remittances to India have to go through SBI branch in Singapore and SBI would also not take cash deposits.


  10. Thanks Aditya, I will check.

    Unrelated to this topic, I have something to clarify with you, is it possible to connect with you offline ?



  11. Hi Aditya,

    I need to pay approx. 10 lacs rupees to DLF in India for my Bangalore property by 30/March. Is there a way to transfer money to DLF after getting it exchanged at money changer?



    1. Hi Deep,

      Some of the money changers in Arcade offer remittance services for 20 to 30$. You can check if they would do a wire transaction to India and work out the cost vis a vis a DBS or SBI. Given you have a large amount it might be worth calling up DBS or SBI to see if they will offer a better rate.



  12. Yesterday in Little India near mustafa i saw the money changers are selling INR in 47.97 almost 48rs per SGD. dont know why they are selling in this price when spot rate is 47.19.


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