In a surprise move, the Indian government scraps the current Rs 500 and Rs 1000 notes.
http://www.bbc.com/news/business-37906742
So, if you are holding on to those notes, you have about 4 weeks to convert them to the new Rs 2000 or Rs 100 notes. Great move to reduce black money from the system, but is going to be quite chaotic, especially if you are planning to travel to India now. If you have some notes you are holding here, I guess they are worthless now.
Demonitised
Is that a word? Sound like made out to be a demon, but that word is demonised. I think you mean demonetised.
Glad I don't have any Rs.
hanc pecuniam Satan
I remember when the Euro came in, people were turning up at casinos with suitcases full of marks, lira, franks etc. They would buy chips, go get a drink, then cash out in Euro.
Sadly no casino's in India
Pretty sure there is a Venetian run on Raju's houseboat off the south Goan coast.
Heard people might be able to swap Rs5,000 when coming in to the country at the airport.
Can you please give me the source of this info? Cant seem to find it anywhere. Thanks.
only heard it mate sorry. Wanna give home a call?
hmmm, busy laundries
From my understanding:
-Rs 500 & Rs 1000 notes will become invalid effective 09/11/2016 00:00 am for trading/transactions
-ATM will cease to work during the short period
-Major business firms will not trade with those two notes.
-For 72 hours, Hospitals(Special Arrangements) can still accept these 500/1000rs bills for emergency services
-2.5 Lac rupees (5000AUD) threshold, for people who has cash sitting in their homes,can be deposited in the banks during the period (Till 30 December).
-Anyone depositing cash over 2.5 Lac Rupees (5000AUD) will have to produce a valid proof of money. If failed to produce, 200% tax will be imposed and Penalty on top (Fraud Case)
-Please feel free to add / correct .
FOR NRI (non resident Indians):
Here are 4 ways you could get your old 500 and 1000 rupee notes converted:
1 Carry the cash with you to India:
Many non-residential Indians are scheduled to make their trip to India in coming months. You can carry your old notes to India and you will be able to deposit this into banks or post offices till December 30, 2016.
If you are not travelling this year, you can still change them until March 31, 2017 by furnishing ID proof.
2 Use money-exchange in your country:
You could exchange your cash (read old Indian currency notes) at a certified money exchange in your city (this could be commercial private money exchange outlets and your local banks) and change your money into dollars, pounds, or other local currency, and then change it back to rupees when you visit India. You may lose a bit on conversion rate but this is an option, if you are not travelling to India before March 31, 2017.
UPDATE: Certain commercial money exchange outlets have reportedly refused to accept the old 500 and 1000 notes. Kindly check your money-exchange options at your local bank. We will continue to bring you updates as the matter develops.
3 Deposit the old notes in your NRO account:
Reserve Bank of India’s (RBI) website has put our FAQs which states that you can deposit your notes into Non-Resident Ordinary (NRO) Savings Account.
4 Authorise another person in India to deposit the notes:
According to RBI guidelines, if you have old banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
Source:
http://www.sbs.com.au/yourlanguage/hindi/en/article/2016/11/…
I suppose if the amount is not painful to part with one could deposit the notes in a donation box in an international airport and the charity will benefit. These days I try to estimate my spending so that I use up my cash in a minor currency (i.e. not USD, Euro, Yen, etc) and any leftover I reconvert or donate before leaving.
wow, the logistics of such a large operation for such a massive population..