Old Rs 500 and Rs 1000 notes no more legal tender

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#16 Nov 8th, 2016, 23:25
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#16
Steve,
You can change them at the airport I think.
#17 Nov 8th, 2016, 23:25
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#17
Would definitely be interested in the procedure for the foreigners.

Have Rs. 7500 in 1000 and 500 denominations (left over from the last trip). Since we visit India every year, don't really bother changing the leftover on exit. Can one exchange them into something more usable on arrival at IGI on Dec 20th? We didn't keep the ATM withdrawal slips...
#18 Nov 8th, 2016, 23:31
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#18
You may have to- if a bank at the airport does not do it- wait till you are in a city to deposit those notes in a bank (exchange is only till November end-ish. Even after the end of December (last date for exchange at banks), one can change them at RBI. From previous experience (I was out of the country in 1978 when this happened) this wasn't a problem, once they understood my situation. Of course, if I had produced a crore or two....

Steven may have a bigger problem; I don't think you are allowed to exit the country with 42000 in cash these days without declaration, so he may have a bit of explaining to do.
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#19 Nov 8th, 2016, 23:32
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#19
Quote:
Originally Posted by theyyamdancer View Post Steve,
You can change them at the airport I think.
Thanks, I'll look into it, at worst I'll just change another 50 at Mumbai airport.
#20 Nov 8th, 2016, 23:36
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#20
Quote:
Originally Posted by iamsomnath View Post Promissory note is a legally binding contract.
I did not say it wasn't --- just that is is fulfilled by exchange for other currency.

Quote:
Originally Posted by capt_mahajan View Post Nick, even foreigners/others without bank accounts can go to a bank and exchange notes from day after tomorrow. Indians will need PAN or aadhaar card (unsure which, probably PAN), foreigners- passport, I guess.
You know the queues we get at petrol bunks when people know the price is going up by a Rs? I wonder what the banks will be like over next few days. I can put that off. Got about a thousand in change: it will have to do.

We had only a couple of thou housekeeping. Flushed out a 5K secret stash of mine, though! Shall I go and confess somewhere? (haha... legal. even tax-paid legal!)

Jitu, tourists carry "huge" amounts of cash, because they identify it with its buying value in their currency. Ten thousand is around 120 GBP. That might be one supermarket spend back home. They also spend much more than we do on "every-day" food and accommodation. And hey, they are on holiday!
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#21 Nov 8th, 2016, 23:39
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#21
Wait a bit, you have till the end of next month to deposit. Although if it is a private bank you may not get such long queues and they will be more efficient.
#22 Nov 8th, 2016, 23:43
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#22
Thank you! That helps... Hopefully, the rush would have died down by the time we arrive...
#23 Nov 8th, 2016, 23:53
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#23
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#24 Nov 8th, 2016, 23:54
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#24
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Originally Posted by capt_mahajan View Post Wait a bit, you have till the end of next month to deposit. Although if it is a private bank you may not get such long queues and they will be more efficient.
That's my plan.

It seems that ATM withdrawals are even more restricted for a couple of days.

The efficiency... well, I might be pleasantly surprised, but usually... I am not.
#25 Nov 8th, 2016, 23:58
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#25
Jituyadav, after the 1978 demonitisation, I once saw the living room of a diamond merchant's house in Bombay wallpapered completely with old 1000 rupee notes.

Nick, take cash, deposit slip, Pan card, Aadhaar card and a book to read... and you are home.. oops, at the bank.
#26 Nov 9th, 2016, 00:34
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#26
Whoever is travelling will be in a big mess. Imagine, someone needs to do payments to the guide/porter in some remote part.
#27 Nov 9th, 2016, 00:46
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#27
Quote:
Originally Posted by mrinmoy mukherjee View Post Whoever is travelling will be in a big mess. Imagine, someone needs to do payments to the guide/porter in some remote part.
A friend is departing on Thursday for an arranged tour in North India, she's already changed up loads of money, as have most of the group, I hope they have a good travel agent who'll sort this mess out for them, it's one of those awful 1 day here, 2 days there type of tour, so getting stuck lining up at banks could really impact on their trip.

And because of the US election, it wont get a mention on the news here, or anywhere outside of India.

It will be fun in Rajkot today, lots of England cricket fans, hope they see the news, because a tourist will always suspect he's being conned when someone tells them the money isn't legal tender.
#28 Nov 9th, 2016, 00:58
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#28
Quote:
Originally Posted by capt_mahajan View Post Other info- ATMs closed for 2 days, until 11th November
One day, tomorrow 9th Nov. On the 10th people can withdraw only Rs. 2000 at ATMs.



Quote:
Originally Posted by kmalik View Post Would definitely be interested in the procedure for the foreigners.

Have Rs. 7500 in 1000 and 500 denominations (left over from the last trip). Since we visit India every year, don't really bother changing the leftover on exit. Can one exchange them into something more usable on arrival at IGI on Dec 20th? We didn't keep the ATM withdrawal slips...
No reason to worry for you. Just in case you can't exchange, just get some new cash (TCs or ATM) for immediate need. Give the old notes to your father, he can put them in his bank a/c upto 30th Dec, no Qs asked.
#29 Nov 9th, 2016, 01:00
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#29
Quote:
Originally Posted by Nick-H View Post
So, you take two old Rs.500 to a bank, and they give you one new Rs.1000 for it.
If I'm reading it right, you'll get 10 x Rs100 notes (as new Rs1000 notes not ready yet), so I've got 4 full packs of Rp100 notes coming, I trust each pack will have a giant staple holding it together.
#30 Nov 9th, 2016, 01:02
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#30
Yes, will take book to bank. But usually end up people watching, in those situations.
Can buy fuel too, until 11th

Steven, those staples are a thing of the past.

Kmalik, we are all in the dark.
Don't know what they will ask at airport: if you are not resident I don't think you are supposed to be bringing Rs in at all?
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