Only Indian bank in UAE awaits nod to accept invalid rupee notes

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Abu Dhabi: Indian expatriates still have no options in the UAE to exchange Rs500 (Dh27) and Rs1000 currency notes that were declared invalid in a surprise move by the Indian Government on Tuesday night.

Money exchange centres are not accepting those denominations of Indian currency. Although banks in India have started accepting the withdrawn notes, Bank of Baroda, the only Indian bank with commercial operations in the UAE, is not accepting the invalid notes.

The bank has approached the Reserve Bank of India (RBI) for the permission to accept those notes, a senior official told Gulf News on Thursday.

“Our corporate office has written to the RBI and we are waiting for a reply,” said Sanjay Joshi, chief manager – planning, publicity and operations at Bank of Baroda.

He said, even if the bank gets the permission, the related rules in India might be applicable here, too.

Only 4,000 Indian rupees can be exchanged over the bank counter and higher amounts have to be deposited in the bank account, according to RBI.

The RBI has given guidance for NRIs to deal with the invalid notes:

 

1. If you are not in India right now, what should you do?

If you have specified banknotes in India, you may authorise someone in writing, enabling the person to deposit the notes into your bank account. The person so authorised has to come to the bank with the specified banknotes, the authorisation letter given by you and a valid identity proof such as Aadhaar card, voter ID card, passport, driving license, PAN card etc.

 

2. You are an NRI and hold an NRO (Non-Resident Ordinary) account; can the exchange value be deposited in your account?

Yes, you can deposit the specified banknotes to your NRO account.

 

3. Where can I go to exchange the notes?

The exchange facility is available at all issue offices of the RBI and branches of commercial banks, rural banks, state co-operative banks or at any head post office or sub-post office.

 

4. What should you be cautious about?

While depositing or exchanging 500 or 1000 notes in banks or post office, if you are providing ID and PAN card copy it is better to attest the same and write that you are depositing so much amount and date. This is to avoid duplication of your unsigned PAN and ID copies several times.

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