NRI's who are landing today or tomorrow, will find this: Congress hails govt’s decision to abolish Rs 500, 1000 notes; ‘Will support any step against black money’ "ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. Banks will remain closed tomorrow and ATMs will also not function tomorrow and day after, Modi said. He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time." My visits are usually short, and this kind of event - banks closed and ATMs also not functioning, would really put a major spanner in the works. Looks like the RBI and Congress are also applauding the move. Might be a master-stroke, but dashed inconvenient for NRI's.
BTW, around 2-3 years ago, a rule came into force that NRI's leaving India cannot take Rs with them. Had to convert all to foreign currency before leaving. Earlier rule used to be NRI's are allowed to take Rs 10,000 out of India per head. NRIs, foreigners can’t leave with rupee - Times of India I guess this was never really enforced.
I think NRI's can exchange their money with a valid ID/Aadhar Card in India until 30th march 2017?? Or did I misread something?
H eh! we were also planning to contact california SBI. lets wait and see. there will come up solutions over the days hopefully.
If we don't visit before that date, what will we do with that currency? I just visited India in August only so I won't go India before March...I just have my hope on currency exchange in Airport...
Those unable to deposit Rs 1,000 and Rs 500 notes till December 30 this year can do so in designated RBI offices till 31 March next year after filling a declaration form along with proof and reasons, the Prime Minister said. If you can't able to make it before dec 30th you can deposit those notes in designated RBI offices with valid proof.
Relax. This was a move ala the surgical strikes . the pictures of new notes and the with or without gandhi icture was a discussion in the last couple of weeks. And also the debate of cashless society was a clue for something cooking. Giving a prior warning would make this whole thing futilr. As for exchanges and sbi not accepting these notes, let me tell you within 5 minutes of the announcement the petrol bunk closeby refused to accept thought he memtioned midnight. A lot of confusion and mayhem will be witnessed in the next few days from hospitals not helping out to denial of services if it is 500'sand 1000's. I feel bad for the people who have no access to banks,atm's or news waking up to this news. With petrol bunks and rural hospitals not accepting these notes even with the warning from pm that they should be accepted for the next 72hrs. The success is not in the numbers you show on paper but is when people change and make others want to change. Thirudana parthu thirundavittal thiruttai ozhikka mudiyadhu( unless the thief changes theft cannot be abolished) Let us hope good happens.
I am thankful that dad hounded me to get the PAN card. And luckily planning a visit soon. But this was a shocker. Initially I thought it could be a fake news. Collecting some notes from colleagues who visited India and kept the currency.
