current post-demonetisation situation

#1 May 22nd, 2017, 00:19
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  • Richard Fowler is offline
#1
Hi

Can anyone give me an idea of the current situation for a foreign tourist arriving in India and wanting to change money?

I've been looking for up to date information about whether limits have been lifted/eased for 1) exchanging sterling on arrival, and/or 2) making ATM withdrawals with a UK card, but can't find anything definitive.

All help appreciated.
#2 May 22nd, 2017, 02:19
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  • gardelesourire is offline
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The situation is now normal as far as I can tell. In March, I had no difficulty obtaining money from ATMs in Jodhpur, Jaisalmer and Jaipur. I usually went for Rs.10,000 initially and, if that paid out, I put my card back in and took out another Rs.10,000. There was an odd occasion when ATMs weren't working - but, hey, it's India and that's quite usual.

I didn't change Sterling notes because it was my understanding that the exchange bureau would be obliged to give you a card to take to an ATM rather than giving you Rupee notes. In any event, why carry cash when you can use a Currency Card (such as Caxton)?
#3 May 22nd, 2017, 03:18
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Thanks, it's good to know that things have settled. I was meant to be going for a month in December but the prospect of spending the whole time looking for working/non-empty ATMs or trying to break a Rs2000 note put me right off.

I normally some cash in case of emergency (eg swallowed card) but a currency card sounds like a good idea, so thanks for that also.
#4 May 22nd, 2017, 03:30
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  • ViShVa is offline
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Very useful first post, gardelesourire. Welcome to indiaMike

Welcome to you too, Richard Fowler

See the current Reserve Bank of India (RBI) rules for the importation and exchange of foreign exchange here:

Foreign Exchange Management (Export and Import of Currency) Regulations, 2015


The current FAQs for the withdrawal of cash from ATMs can be found here:

RBI - Frequently Asked Questions - (Updated as on April 20, 2017)
Quote:
...

8. How much amount can I withdraw from an ATM?

With effect from February 1, 2017 limits on cash withdrawals from ATMs have been removed. Banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to the overall cash withdrawal limit for an account.

9. What are the cash withdrawal limits for accounts?

The limits imposed on cash withdrawals from accounts/bank branches/ ATMs in the wake of demonetisation stand completely withdrawn and status quo ante has been restored

...
The ATM situation on the ground varies from city to city. Overall, you should be fine at the larger towns and cities.

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