@sokanasanah, Government of India announced that all Rs.500 and Rs.1,000 notes will no longer be legal tender from midnight resulting in elimination of black money. However, the question is about NRIs having some change with them when they left India. Shanvy clarified that it could be exchanged in local State Bank of India or can be exchanged with a copy of the passport until March 31, 2017. Viswa
Don't such things need more advance notice? Even if such advance notice defeats the purpose of curbing black money? Was this announced earlier and just drawing attention now that the actual date is here?
as u say, advance notice would defeat the very purpose ofthemove. lead time of 2 months plus another 3 months upto march 2017 is available. The main problem will arise with real estate transactions where definitely no transactions are done as per the guidance values only. i was worried too as we have just come over abroad and brought the required cash for the return there in india. Gladanyway that there is time upto march 2017.
Dang! I have cash that my mom gave and I carried with me. All in 1000 notes. I should have given it to my hubby when he traveled, I just kept my money I completely forgot about that issue when I watched the PM's speech this morning.
I called my local SBI in California and they said they are not accepting INR 500 and 1000. Airports or any currency exchange are also not accepting. Is anyone else facing the same issue ?
Not really, no. That sort of cyber-snafu is only for the little people, you know, the low end clients like Mr. Bachchan ... the whales are treated differently. Viswa I am shocked to learn that you don't know how the world really works!
This is a Master stroke by Mr. Modi ! Kudos to him. He surprised honest people and shocked all those black money launderers in a single stroke. Giving only a lesser period of notice, 3 or 4 hours to be precise, Modi definitely has hit a sixer !! This is exactly the kind of action that the Indian people expect from the PM. This Surgical Operation in Finance Sector should be successful. Yes of course this will create some practical problems for common people. But taking a long term solution in mind, instead of feeling bad, we should support this and get our higher denomination notes of INR exchanged duly within prescribed period. As long as our money is hard earned and legal why should we worry about this decision. As there is a saying in Tamil "Madiyila ganamirundhaath thane,vazhiyila bayam!" (We should be worried of theft only if we have some thing valuable while travelling. ) But the black money launderers might not be fully defeated by this action as they would have converted the paper money into assets in local and foreign places. Accounting and bringing back all the black money is still a very difficult process. Yet the Modi Government's action of abolishing the higher denomination INR is a vey welcoming move. Even introducing the new INR2000,INR500 notes should be slow and made fool proof. otherwise, anti social elements will start their business once again over a period of time. Let us all support this action and do our duty as citizens of India/ people with Indian roots(NRIs), to help the Indian Government curb money laundering activities.
