Long queues outside ATMs, a handful of people flashing pink Rs2,000 notes, news of hospitals refusing treatment because the patient didn’t have new notes… several stories have been doing the rounds ever since Indian Prime Minister Narendra Modi scrapped the Rs500 and Rs1,000 currency notes unceremoniously, and announced the launch of the new Rs2,000 currency note.
Almost a week has passed since the announcement, but NRIs still don’t have the slightest idea of what to do with their Rs500 and Rs1,000 currency notes.
Here is what NRIs in the UAE and across the world can do:
1. Deposit in NRO accounts
As per the Reserve Bank of India, you can deposit old high denomination notes of Rs500 and Rs1,000 to your NRO accounts. However, there is no further clarification on this yet. Representative offices and branches of Indian banks abroad are still awaiting clarity on the matter.
2. Travel to India before December 30
The Indian government has allowed time until December 30, 2016, to deposit the demonitised notes in bank accounts.
Remember, though, that for all transactions above Rs50,000, account-holders will have to furnish their PAN cards.
3. Travel to India after December 30
If you are traveling to India next year, you can visit any RBI office and convert the old notes into new ones with due proof and reasons of delay. Here’s a link to RBI branches.
4. Authorise someone to deposit in India
In case you are unable to travel to India in the coming weeks, you can send the money through someone to India along with an authorisation letter, identity proof, such as copies of the passport, PAN card, etc., and entry and exit stamps from and to the Indian destination.
5. Use the money exchange in your country
Exchange houses are not accepting Rs500 and Rs1,000 notes, and they are also quickly running out of Rs 100 notes . However, in case you plan to travel to any other country apart from India, do check at exchange houses there to see if an exchange of currency is possible.