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How to Exchange Rs 500 and Rs 1000 Rupee Notes in UK, USA, Canada, Abroad, Foreign NRI Outside India

How to Exchange Rs 500 and Rs 1000 Rupee Notes in UK, USA, Canada, Abroad, Foreign Countries NRI Outside India :

To stop the spread of fake notes, which is supporting dread exercises from over the outskirt, and flush out dark cash, the legislature has chosen to scrap the notes of Rs. 500 and Rs. 1000.

Indian Prime Minister Narendra Modi said on 8th November 2016. Beginning midnight, these notes might be “justified regardless of the paper they are imprinted on,” he said.

A proposition for new 500 and 2,000 rupee notes has been cleared by the Reserve Bank of India.

The Modi government’s sudden step of demonetization not only took the Indian population by surprise but also left many NRIs across the globe in a state of confusion.

There is certain questions or doubt in the mind of NRIs (Non-Resident India) what to do or how to exchange Rs 500 and Rs 1000 Indian Notes.How to exchange 500 and 1000 Rupees Note

  • I am right now not in India, what should I do?

If you have Specified 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 Specified 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).

  • I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the Specified banknotes to your NRO account.

  • I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to Rs5000 using these Specified Bank Notes at airport exchange counters till November 24, 2016, provided you present proof of purchasing the Specified Bank Notes.

NRIs How to Exchange Rs 500 and Rs 1000 Rupee Notes in UK, USA, Canada, Abroad, Foreign Outside India

  • Carry the cash with you to India

If you are planning to travel to India before 30th December 2016 then you can bring the cash with you and exchange it at any bank or post office in India.

In addition, you have up to 31st March 2017 to exchange the money at any RBI office by furnishing passport and visa details that prove you were out of the country.

  • Deposit the old notes in your NRO account

You can deposit your notes into your Non-Resident Ordinary (NRO) Savings Account.

There was another option–that of using a certified money exchanger but a majority of the commercial money exchange outlets have stopped accepting the old 500 and 1000 rupee Indian notes. So this option is no longer viable for most NRI’s, but they may want to check with the local money exchanger.

  • Send the physical money in India with someone you trust

If you are unable to travel to India you can give the money to someone else you trust who is travelling to India.They could then exchange it on your behalf.

For small amounts (less than Rs. 25,000) it would probably not be an issue, but for amounts larger than that it is advisable that you provide an authorizing letter to that person to exchange the bills on your behalf with other valid documents like PAN card, Aadhaar card, Passport copy, Visa copy etc.

Please do remember that the limit on currency a traveler can bring into India without declaring is Rs. 25,000.

  • If I have a problem, whom should I approach?

You may approach the control room of RBI by email to publicquery@rbi.org.in or on Telephone Nos 022 22602201/022 22602944

Stay tuned with us for more updates.

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