The sudden demonetization of the high-value currency in India has not just affected the Indian Residents alone but the Indians Staying abroad ‘NRIs’ (NonResident Indias) have also received a big jolt due to this decision. But now there is no need to worry about the exchanging their 500 and 1000 rupee notes. If you an NRI, here are the 5 ways you can convert your high-value Indian currency.
[su_expand more_text=”READ FULL ARTICLE” less_text=” ” height=”0″ hide_less=”yes” link_style=”button” link_align=”center”]According to the sources, the large number of Indians worldwide have welcomed the decision of the Indian Prime Minister’s demonetization drive of high-value currency. Everyone is aware that the decision was necessary to curb the black money market. Leaving the opposition and few exceptions aside the overall Indian population is with Mr. Modi claims the sources.
Meanwhile, this great move to curb the black money is good for the country but it has also raised the concern amongst a large number of Indian diaspora living abroad. Most NRIs living abroad possess at least few thousands of Indian Rupees, mainly used for taxi fare or local expenses while visiting India. The move has left them looking for answers as to how could they get their old 500 and 1000 rupee notes converted. If you are one of those, here are 5 ways you could get your old notes converted:
1. CARRY THE CASH WITH YOU TO INDIA
This is the most suitable situation if you have any plans to travel to India in the near future. of course, the time is limited but till the end of December you can convert your 500 and 1000 rupees notes in India. If you are traveling before the 30th December 2016, you will be able to deposit them into your account or get it exchanged in any of the nearby post offices.
Earlier, it was announced that even if you are not traveling this year, you can still exchange them until 31 March 2017 at RBI offices. However, RBI website has been updated without mentioning the deadline. The new statement says “For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.”
As further intimation on the deadline is awaited, it would be safe to assume 31 March 2017 as the extended deadline. If you are an NRI approaching RBI office after 30 December 2016, you can submit passport and visa/residence card to prove that you were abroad during the grace period.
2. EXCHANGE THE CURRENCY IN YOUR COUNTRY OF RESIDENCE
Based on the available information this option was available earlier, or say prior to November 10 but now, unfortunately, many of the banks have stopped accepting the old currency of 500 and 1000. Foreign branches of Indian banks (such as SBI, ICICI) have also informed that old notes can be exchanged or deposited in Indian branches only, and not in foreign branches.
Based on the updates sent by the ICICI bank’s new updates, the old OHD banknotes can be exchanged or deposited in your NRO account at branches of the Banks in India only. In case you do not have an NRO account you can open an additional NRO account by calling our 24×7 customer care or by logging into Internet Banking. You can use Internet Banking, Debit Card, NEFT, RTGS, or any other electronic / non-cash mode of payment for your transactions.
3. YOU CAN DEPOSIT THE OLD NOTES IN YOUR NRO ACCOUNT
As per the guidelines of the RBI (Reserve Bank of India) website the banks have listed the 25 FAQs and one that states that ‘you can deposit your notes into Non-Resident Ordinary (NRO) Savings Account. However, this is only an option if you are in India or traveling to India before 30 December.
4. YOU CAN AUTHORISE THE THRID PERSON IN INDIA TO DEPOSIT THE CASH
According to RBI guidelines, if you have old banknotes in India, you may authorize in writing enabling another person in India to deposit the notes into your bank account. The person so authorized has to go to the bank branch with the old banknotes, the authority letter given by you and a valid identity proof. Again this might work only if the notes are already in India or can be sent via someone else (see the next point).
5. SEND YOUR MONEY PHYSICALLY WITH SOMEONE YOU TRUST
This may be the final option you have with you if you fails in the all your earlier attempts. In case you have any of your friend traveling to India, you can send the cash along for the exchange or deposit in the bank. Some of you might have friends or family going to India, and you can give your money to them and have it exchanged or deposited at an Indian bank by your friend/relative (as mentioned in point 4). While this might be a good idea, you need to find someone whom you can trust. Note that the maximum amount of Indian currency that can be carried by hand is Rs 25,000 per person.
The options available for NRIs to exchange old currency are still limited. If you are not traveling soon, the only way is to send the money by hand through someone who is traveling. Indian Embassies in various countries have assured that they shall take up this issue with Ministry of External Affairs. In case of there is any updates on this information the same shall be updated on our website.
The Article was originally Published on 9 November 2016 – By Neha Joshi / NRICafe.com