The sudden announcement of the withdrawal of 500 and 1000 Indian currency notes has raised many questions in the minds of Dubai Desis. If you have legitimate money lying back home in your cupboards and safe, then you have to get it deposited in your bank account before December 30, 2016.
You have till March 31, 2016 to deposit but you will have to go to designated RBI counters to fill a declaration form and then deposit it.
You can authorize a representative in India to deposit the money in your account with proper identity proof such as PAN Card, Passport, Aadhar Card, Voters ID, Driving License or any other valid identity proof.
What about the cash you have with you here now?
It is still not clear if the local Indian banks in UAE, such as Bank of Baroda will allow you to deposit your cash in hand in the local account.
If you are going to India, then upto 5000 INR can be exchanged to new notes at the airport for the next 72 hours.
Local UAE exchanges are awaiting news from GOI and RBI on how to handle INR currency notes, so it’s possible that they may be able to exchange reasonable amounts of cash notes.
For more info visit Reserve Bank of India (At the time of writing this post, the RBI server was not accessible )