My banks are sending me messages that say DEAR CUSTOMER, DEMONETISATION REQUEST UTILIZE INTERNET/MOBILE BANKING, IMPS, CREDIT/DEBIT CARDS AT POS MACHINES WITHOUT RESTRICTION. I believe this is a initiation into cashless too
There is only restriction in cash transaction at Atm(Limit 2000 INR per day) and bank(10k Per day), but no restriction in Internet banking, credit and debits cards.
I have restrictions of a certain limit on all transactions. That is something i did not change to have control checks. Most nationalised banks i believe have that acvording to your account
A Neighbour is suggesting we should try to deposit into our NRE/NRO accounts. It's all very confusing. Exchanges in UAE are also not accepting the notes. As for the Move, I would join the band wagon and say JAI MODI. Agree this is not eradication of corruption but a small cure to it. Long way to go before we see a corruption free world, but the first step is taken. More than the big fish who park their money abroad, this is to target the smaller one I guess. If you read through his speech , he says 80% of the Govt. Officers are not corrupt. Looks like a dig at them. This move is for such Govt. personnel, bank officers and the like to clerks and ward boys at hospitals, to traffic police who take bribes for every petty thing on earth. Yes, now they will be scared to store big notes and cannot openly take bundles too. So there should be a positive effect is my view. The big fish, we are yet to solve that issue. But even if we start small, the impact is important. As for the Govt., now is the Big test. How smoothly they support the transition and minimise the mayhem now, will earn them the confidence of the common man. For, its the middle class who voted Modi and it's them he has targeted and inconvenienced. Please NRIs post any information you have. _/\_
You can deposit it into your nro account but only after 10th. Banks and atms are closed so wait and do. Don't get desperate and fall pray to the vultures waiting to cash on this. It is already happening. 5ltrs for 500 in many petrol bunks. And some jewellers had thier showrooms opened for people. So until a clear picture comes out we need to stay calm.
Yeah @Shanvy, I guess it's a good thing to wait and watch. Anyway most of us here may have around 2-4K, amounts we keep to use as soon as we land. So it shouldn't be a very big issue too. But since every pie is hard earned. It pinches even if the amount is negligible. Let's see whether we will say Har Har Modi or Haar Haar Modi ( hail Modi or Defeat Modi)
True. But people traveling to India can't carry more than a stipulated amount. And not many are traveling now coz our holiday season is between June and August and most of us are done with the Annual India vacation. It's tricky but not terrible. .Let's watch, some solution will crop up.
My husband also has the same amount @dnormx01 and i agree on the hard earned part. Mostly sbi wil accept these amounts in a couple of days. Will update if i get any info
And last visit he started taking a indian credit and debit cards. Gives him lounge access and other faciliities inside the airport.
