Old Rs 500 and Rs 1000 notes no more legal tender

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#31 Nov 9th, 2016, 01:13
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#31
Quote:
Originally Posted by steven_ber View Post And because of the US election, it wont get a mention on the news here, or anywhere outside of India.

It is on CNN - http://money.cnn.com/2016/11/08/news...-ban-currency/

On a more practical note - can someone tell me where on IGI T3 (arrivals) can I change these notes? I wouldn't like to be stuck middle of the night dealing with an ATM after arriving.
#32 Nov 9th, 2016, 01:28
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#32
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. No legal implications apart from the inconvenience.
Quote:
Originally Posted by steven_ber View Post 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,
No new 1000s, but 2000s.
Also new 500s.
#33 Nov 9th, 2016, 01:30
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#33
Quote:
Originally Posted by Nick-H View Post ... if you are not resident I don't think you are supposed to be bringing Rs in at all?
Please see:

CBEC (Central Board of Excise and Customs) Baggage Rules, 2016
Quote:
7. Currency.

The import and export of currency under these rules shall be governed in accordance with the provisions of the Foreign Exchange Management (Export and Importt of Currency) Regulations, 2015, and the notifications issued thereunder

Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 (RBI/2015-16/310)
Quote:
2. Synopsis of the new regulations is given as under:

A. Export and import of Indian currency and currency notes

...

b) Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India,

> may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person

> may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person

...
#34 Nov 9th, 2016, 01:47
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#34
Can someone please tell me where on IGI T3 (arrivals) can I change these notes? I wouldn't like to be stuck middle of the night dealing with an ATM after arriving next week on the receiving end of really long flight (two actually, with a short layover in Heathrow).
#35 Nov 9th, 2016, 02:09
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#35
I don't think you can exchange the notes at the airport.
#36 Nov 9th, 2016, 02:17
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#36
Quote:
Originally Posted by vaibhav_arora View Post Can someone please tell me where on IGI T3 (arrivals) can I change these notes? I wouldn't like to be stuck middle of the night dealing with an ATM after arriving next week on the receiving end of really long flight (two actually, with a short layover in Heathrow).
Try any bank at the airport. They might have a special counter. Ask on arrival in Delhi.
We have almost Rs38k here in Sydney. I will take them to India next time and see what happens.
#37 Nov 9th, 2016, 02:34
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#37
Thanks GP. The reason I asked is on one website (yourstory) it says "International airports will make arrangements for arriving passengers to exchange up to Rs 5,000 worth of old notes for the new legal tender" but another says its for ''foreign travelers''. So what are the returning Indian travelers to do?
#38 Nov 9th, 2016, 03:19
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#38
Thank you ViShVa, I had got confused about that one.
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#39 Nov 9th, 2016, 04:00
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#39
A good move; even the EU is eliminating its biggest bills, which have no utility except for illegal transactions.

But in the short run, the supply of Rs. 100 notes will have to be increased by a factor of 5 to 10. Is there any indication that they are flooding the country with Rs 100 notes? (It's going to be like Zimbabwe, or Germany between the wars...we'll be paying for everything with fat wads of currency.)

Second, what's the point of releasing new notes next year? To eliminate old black money hoarded by people formerly in positions of power (e.g. Congress) but allow future black money hoarded by people now in positions of power (e.g. BJP)?

What they needed to do is announce a huge push into electronic transactions. I do realize that most of India is poor and will continue to use cash, the goal would be to move major transactions (real estate, cars, appliances) into traceable methods. Even small transactions could be moved whenever possible into smartphones (e.g. PayTM) and debit cards. But India isn't quite ready for a major expansion of card and PayTM use at this point.\.
Last edited by RPG; Nov 9th, 2016 at 05:10..
#40 Nov 9th, 2016, 04:08
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#40
Quote:
Originally Posted by Dilliwala 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.
Thanks Dilliwala. That's a plan. I am not going to let all this spoil the taste of chaat in Bengali market

Quote:
Originally Posted by Nick-H View Post ...
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?
Thanks! Will roll with it. Don't look forward to needing to look for an ATM or bank on arrival at midnight, but it's not the end of the world. We have an airport hotel with shuttle booked, so might just get to bed and deal with it along with all the fog and smog.

ViShVa's official looking post seemed to suggest that a non-resident of India can bring up to Rs. 25,000 into the country. We are way below that limit. That said, I always feel sheepish about taking or bringing Rupees to India. It is so practical to have the cash for cabs, etc. on arrival, not to mention that we end up having too much on exit because we doesn't want to fall short and count the pennies on the day of departure.
#41 Nov 9th, 2016, 05:16
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It's true, the big news at the moment is the US election and I would never have seen this news had it not been for good old IM. I arrive back in India (tourist) at the weekend with INR 4000 in 500 and 1000 notes in my pocket. I could get hacked off but I just can't help smiling at this news. It's just so India and it makes the trip even more fun or maybe hassle, depending on your perspective.
#42 Nov 9th, 2016, 05:17
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#42
Quote:
Originally Posted by vaibhav_arora View Post Thanks GP. The reason I asked is on one website (yourstory) it says "International airports will make arrangements for arriving passengers to exchange up to Rs 5,000 worth of old notes for the new legal tender" but another says its for ''foreign travelers''. So what are the returning Indian travelers to do?
Old notes can also be changed at Post office. Not sure if there is one on arrivals in T3.
#43 Nov 9th, 2016, 06:14
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#43
From the RBI's official site. Has many other FAQs of interest.


Quote:
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)

21. 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.

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

You can purchase foreign exchange equivalent to ₹5000 using these Specified Bank Notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the Specified Bank Notes.
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119
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#44 Nov 9th, 2016, 06:38
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#44
Just looked to see if I could take the Rs back to where I got them to exchange.

Quote:
We will not be buying any Indian Rupees at all under any circumstances with immediate effect due to economic policy changes by the Government of India.
https://www.thomasexchangeglobal.co....-at-branch.php
#45 Nov 9th, 2016, 08:08
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#45
Quote:
Originally Posted by Govindpuri View Post T
We have almost Rs38k here in Sydney. I will take them to India next time and see what happens.
I have about Rs 15k with me in Toronto and I won't get to India till January end and I hope at least some of it can be changed to the new notes.

I wonder what Mahatma Gandhi would have thought about the use of his picture on the notes that say " I promise to pay the bearer the sum of ..."

I feel let down by the "Ache Din" government. A promise should be honored.

Or maybe the new notes should have a "best before" date
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