Prime Minister Narendra Modi brave move to demonetize Rs500 and Rs. 1,000 is obvious a great step for eradicating corruption to its roots. However, on the other side people, (NRI) who are living in overseas keeping these notes have got into trouble. Although, RBI has clarified over the issue of exchanging notes while providing an alternate for NRI to deposit money to their non-resident ordinary rupee (NRO) account. However, most of the NRIs are claiming that they cannot deposit cash in the NRO account from a foreign country as per the Banks’ recent directions.
The question is that what those people can do who have not account in Indian Banks? But you do not have to get panic as the Government has a solution which you can avail for longer, especially people who have cash on their hands.
Read more about exchange of high-value notes with NB Times.
These are options available for NRIs to alter the old notes:
Bring the cash with you to India
India’s Ministry of Finance said in the press release, one can exchange the old notes till December 30, 2016.
NonResidential Indians who have planned for a trip to India in coming months can carry their old notes to India and will be able to deposit this into banks or post offices till December 30, 2016.
If they are not traveling this year, they have also an option to change them till March 31, 2017, by showing ID proof.
Get benefit of money-exchange in your country
People could exchange the cash (read old Indian currency notes) at a certified money exchange in your city for instance: commercial private money exchange outlets and your local banks. And change their money into dollars, Pounds or other local currency and then change it back to rupees when they land India. They may lose a bit on conversion rate but this is an option if they are not traveling to India before March 31, 2007.
UPDATE (8pm AEDT, 9th Nov 2016): Certain commercial money exchange outlets have reportedly refused to accept old Rs500 and RS 1000 notes. They may check their money-exchange options at their local banks.
Deposit the old notes in your NRO account
Reserve Bank of Inda’s (RBI) website has put the FAQs which tells that NRI can deposit your notes into Non-Resident ordinary (NRO) Saving Account.
