Goans cash in on rupee fall
Published on: November 25, 2011 – 01:49

BY SHOMA PATNAIK | NT
PANAJI: The present rupee downslide is bad news for the Indian economy and importers. But for many remittance-rich residents of the state it is an unexpected bonanza that is making them smile all the way to the bank.

In the last few days, with the Indian rupee coming under extreme pressure vis-à-vis the US dollar, the buzz is that, quite a few residents living on transfers of foreign currency from relatives abroad are in a profit taking mood, offloading their cache for some really needed extra bucks in these inflationary times.
Goans are heading to their trusted jeweller for exchange, who besides his traditional occupation of selling gold also doubles as their favorite money trader. Next in choice are the numerous official or the unofficial money changers. While banks that are also authorised to buy or sell foreign currency, are probably last on the list. Reasons are obvious: jewellers that are in the currency swap business are currently offering the best rates of `52.05 per US dollar, the rate from the licensed money changers being lesser at around `51.70- `51.50, and from the banks another 20 paise lower.
Bulk of the exchange, it is learnt, is in the most widely held or traded currency viz. the US dollar, followed by the pound sterling, and some of it is also in euros as Goan NRIs’ remittances from the region are increasing.
Although, most jewellers in the business of exchanging currency refuse to come on record to talk of their lesser-known business, in the current scenario of a weak rupee, all the participants in the state money changing business are happy as volumes for them is high.
“We are witnessing lot of residents taking out their currency holdings for exchange since these are the best rates seen after a long time,” said Mr Marvhino Rodrigues, territory manager, Weizman Forex, Calangute.
“Our income during this time of the year usually picks up because of the tourist season. However, it is locals who are fueling our purchase of currency in recent days. As against an expected volume of Rs 1 crore/ per day, we are actually doing `2.5 crore/ per day, purely on account of the appreciating dollar,” Mr Rodrigues informed.
Agreeing with Mr Rodrigues, Mr Jorge Bravo da Costa, country head, HDFC Bank said, “People are capitalising on the increasing dollar, even some companies with foreign currency holdings.”
The official money changers in fact, have a bit of advice for residents wanting to take advantage of the current exchange rates.
“People have to scour the operators in the field to get the best rates, and they also have to bargain. Since even among the bigger companies in the trade, the rates vary,” they said.
“It would be also advisable to offload the currency holdings in segments because you never know at what rate the rupee will drop down to,” the said.

TEAM HERALD teamherald@ herald- goa. com

PANJIM: The proponents of Konkani language today expressed their worry over increasing influence of English in our daily chores raising fears that the next generation might find it difficult to speak their own language.

Fr Vasco Rego, speaking during the day- long regional conference on ‘ Status and Future of Konkani Language,’ agreed that it is the right of the Children to learn in English but added

that ‘ the schools should also make Konkani a compulsory subject.’ He said that speaking in Konkani is barred in many educational institutes, who has made English speaking pupil as their ‘ prestige issue.’ “ There are many parents who want their children to study in English and it is their right. I understand that English is become most important language for the foreseeable future,” he said urging the parents to encourage students to talk in Konkani.

Fr Rego also expressed concerns that the traditional celebrations like weddings and even masses in the Church are increasingly becoming English oriented.

“ It’s a shame that in wedding rituals or even Church mass, people don’t speak Konkani,” he said.

The priest, who edits magazine Dor Mohinechi Roti, said that people, in their verbal conversation, mixing languages was an insult to the respective tongues.

“ People should not be slaves of any language.

They should instead love the language,” he commented.

Being nostalgic of the past, Fr Rego said that Konkani was not referred by its name but was called as ‘ Amgeli Bhas’ ( Our Language).