Old Rs 500 and Rs 1000 notes no more legal tender

Reply
#766 Nov 20th, 2016, 17:35
Join Date:
Apr 2003
Location:
en route from Timbuk1 to Timbuk2
Posts:
1,141
  • Jean-Philipe is offline
#766
Quote:
Originally Posted by aarosh View Post NEFT / RTGS can also be done directly from the your bank also during banking hours provided you do them before the NEFT / RTGS cut off hours.
The main problem with NEFT payments in my experience is the delay in setting up a new payee. It can take up to three business days if done on-line.
It's all part of the adventure of travelling!

indiajp.blogspot.in
#767 Nov 20th, 2016, 17:47
Join Date:
Dec 2008
Location:
In the land of awesomeness
Posts:
32,620
  • aarosh is offline
#767
Quote:
Originally Posted by Jean-Philipe View Post The main problem with NEFT payments in my experience is the delay in setting up a new payee. It can take up to three business days if done on-line.
Online NEFT / RTGS is a problem. However if you have an account with ICICI, HDFC, SBI the payment is transferred on the same day.
#768 Nov 20th, 2016, 18:04
Join Date:
Apr 2003
Location:
en route from Timbuk1 to Timbuk2
Posts:
1,141
  • Jean-Philipe is offline
#768
Quote:
Originally Posted by aarosh View Post Online NEFT / RTGS is a problem. However if you have an account with ICICI, HDFC, SBI the payment is transferred on the same day.
Agreed, making a NEFT payment is not the issue. It's the delay to set up a new payee.

I have been using Paytm for a couple of years for online shopping and recharging mobiles. Love it.
#769 Nov 20th, 2016, 18:19
Join Date:
Aug 2010
Location:
United Kingdom
Posts:
1,110
  • ukdoctor is offline
#769
Quote:
Originally Posted by aarosh View Post Online NEFT / RTGS is a problem. However if you have an account with ICICI, HDFC, SBI the payment is transferred on the same day.
Have an icici account and its quite good. Once I add in a new payee , I have to wait for 30 min or an hour ( probably like a cooling off period ) and then I can transact.

They send me a OTP ( One time password for added security) to my UK mobile number .

The other good thing with an icici account is that I get an SMS on my UK mobile whenever there is any activity on my account.

Since I don't have an Indian credit card , I have been using an Indian debit card and Im getting an sms for every transaction I do in the shops( even a Rs 20 transaction)

Quite good IMHO especially since receiving SMS is free while on mobile roaming. Not sure if any UK banks do this ( I know that a few German/ French banks do .
#770 Nov 20th, 2016, 18:20
Join Date:
Oct 2012
Location:
Goa
Posts:
358
  • Jeremiah99 is offline
#770
I remember a day 20 years back when my missus returned from town, wearily plonked herself down with two big bags of shopping exclaiming "I've just spent a whole Rs100 today!" I used to feel like a gazillionaire in those days!
#771 Nov 20th, 2016, 18:26
Join Date:
Dec 2008
Location:
Interweb
Posts:
16,366
  • vaibhav_arora is offline
#771
Both icici and indusind do this. Latter for their credit card. I suspect most Indian banks do this. Actually on my recent trip to the US, I was surprised that when I swiped my Amex card, it just went through - no need of safekey or pin (its a chip card).
#772 Nov 20th, 2016, 21:09
Join Date:
Dec 2013
Location:
Poland
Posts:
98
  • trax1969 is offline
#772
Next month i will start my next India trip (2 months long), and i want to ask about exchange money at the airport. It is some limits for tourists? Or huge line to the Thomas Cook , or some else...what can i expect. I know, a month left, but just asking now, and try to prepare for worst. Thanx for any advice, and tips, and help.
stay low, stay budget, stay veg
#773 Nov 20th, 2016, 21:21
Join Date:
Jan 2016
Location:
Hong Kong
Posts:
87
  • Tomma is offline
#773
Quote:
Originally Posted by trax1969 View Post Next month i will start my next India trip (2 months long), and i want to ask about exchange money at the airport. It is some limits for tourists? Or huge line to the Thomas Cook , or some else...what can i expect. I know, a month left, but just asking now, and try to prepare for worst. Thanx for any advice, and tips, and help.
My fd told me only INR 2000 per day,and no ATM now......
#774 Nov 20th, 2016, 21:26
Join Date:
Dec 2013
Location:
Poland
Posts:
98
  • trax1969 is offline
#774
but Airport exchange?? When i want exchange euros for rupee?
#775 Nov 20th, 2016, 21:59
Join Date:
Jan 2010
Location:
London (UK) (Current) & Pali Hill, Bombay (IN)
Posts:
8,904
  • ViShVa is offline
#775
Quote:
Originally Posted by trax1969 View Post Next month i will start my next India trip (2 months long), and i want to ask about exchange money at the airport. It is some limits for tourists? Or huge line to the Thomas Cook , or some else...what can i expect. I know, a month left, but just asking now, and try to prepare for worst. Thanx for any advice, and tips, and help.
Quote:
Originally Posted by trax1969 View Post but Airport exchange?? When i want exchange euros for rupee?
Read Post #576 above.
#776 Nov 20th, 2016, 22:12
Join Date:
Aug 2010
Location:
United Kingdom
Posts:
1,110
  • ukdoctor is offline
#776
Quote:
Originally Posted by trax1969 View Post but Airport exchange?? When i want exchange euros for rupee?
U should be fine by then. No restrictions on foreign currency exchange AFAIK. The rates at the airport will be rubbish though..

If you search for my post from 16th November you can see my experience at Delhi on 16th November .

The situation at Kochi airport was very good. No queue at all at the forex place at the domestic terminal on 18th November but cahs machines were not working .

I was 'ubering' my way arounf Kochi/Cochin city and I saw a lot of cash machines working with a max queue of 6/7 people .

The only problem was that they were only dispensing 2000 rupee notes.

The situation re. 100 rupee notes seems very good at Kochi.
My dad filled up at a petrol station for Rs 700. He gave a 1000 rupee note and got three 100 rupee notes back.

Didn't see this happen at Delhi where you had to fill fuel up to the amount you give.

All shops I went to seemed to have loads of change.
#777 Nov 20th, 2016, 22:29
Join Date:
Oct 2004
Location:
Here, there, everywhere, somewhere and nowhere.
Posts:
1,527
  • Yaatri is offline
#777
I apologise for asking this question if it has already been answered. I read that Tourists can exchange demonetised notes at the airport. I have basically enough for a cab ride plus a couple of meals to tide me over so I am not worried but still curious. One of my friends has a a few hundred dollars worth of Indian currency I would offer to help him out, IF I go to India, provided that I do not get into trouble. Here are my questions.


I thought that one wasn't allowed to take Indian currency out of India?
What if someone won't be back in India before Dec 31st but will be in India before March 31 2017? I know one can still exchange money at RBI bt will have to answer questions about the source.
My bad grammar does not make bad your grammar OK.
#778 Nov 20th, 2016, 22:47
Join Date:
Dec 2013
Location:
Poland
Posts:
98
  • trax1969 is offline
#778
ok. thanx - i will check everyday this topic untill my flight to India ...
I hope situation changed next weeks - cos i understand it is a huge problem for India people, and i wish you back to normal as soon as possible.

btw. how about exchange at the city (means - not airport), some problem, queque?
#779 Nov 20th, 2016, 22:50
Join Date:
Jan 2010
Location:
London (UK) (Current) & Pali Hill, Bombay (IN)
Posts:
8,904
  • ViShVa is offline
#779
@ Yaatri - Most nationalities are allowed to bring in and take out Rs.25,000 in Indian currency as the RBI's FEMA rules stand now.

After December 30th, the old notes can be changed at any of the RBI's 31 regional offices. They have not given a cut-off date officially yet. I have posted links to the actual rules in the early part of this long unwieldy thread.

RBI locations

FEMA rules
#780 Nov 20th, 2016, 23:13
Join Date:
Oct 2004
Location:
Here, there, everywhere, somewhere and nowhere.
Posts:
1,527
  • Yaatri is offline
#780
Quote:
Originally Posted by ViShVa View Post @ Yaatri - Most nationalities are allowed to bring in and take out Rs.25,000 in Indian currency as the RBI's FEMA rules stand now.

After December 30th, the old notes can be changed at any RBI regional office. They have not given a cut-off date officially yet. I have posted links to the actual rules in the early part of this long unwieldy thread.

RBI locations

FEMA rules
Thank you Vishwa.

I don;t know if it's been mentioned here or if it would be considered too political. Money laundering is going on as we speak by people who were either forced to or willingly converted their white money to black.

Say, my business bought 100 crore worth pf property and paid 50 crore in white cash, I just converted 50 crores of my white money to black. Since, I spent only 50 crores using a check, my books show I spent I spent only 50 crores. I still have that 50 crores white money on my books. A friendly IMer has 50 crores in black money. We strike a deal that I would deposit 50 crores his money in my bank and give him the going market rate for conversion.

I think it's a silly idea and will work only if the avenues that generate and use black money are closed. One thing that has been on my mind is what foreign tourists would be going through now. I hope everyone is safe.
Reply


Posting Rules

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Forum Rules»
Trackbacks are Off
Pingbacks are Off
Refbacks are Off
Thread Tools
Display Modes

Search Engine Optimization by vBSEO 3.3.2
© IndiaMike.com 2018
Page Load Success