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4 options for NRIs to change Rs. 500 and 1000 notes


options for NRIs to change

Prime Minister Narendra Modi surprised the nation in a shocking move to curb corruption and black money from the nation on Tuesday night when he announced high-denomination notes of 500 and 1000 rupees will no longer be legal tender from midnight local time. While Indian residents have been given the option to collect their new denominations from the nearest banks, GOI have made special arrangements for NRIs as well.

options for NRIs to change

They can carry their notes to India...

If NRI are scheduled to make their trip to India in coming months, they can carry their old notes to India and deposit those into banks or post offices till December 30, 2016 or until March 31, 2017 by furnishing ID proof.

options for NRIs to change

They can use money-exchange in their country...

NRIs can exchange their cash at a certified money exchange in their country of residence. They can also change their money into local currencies and change it back to rupees when they visit India. However, they may lose conversion rate in the process.

options for NRIs to change

They can deposit old notes at their NRO account...

Reserve Bank of India has put out FAQs on information as in which states NRIs can deposit notes into Non-Resident Ordinary (NRO) Savings Account.

options for NRIs to change

They can authorize someone else in India to deposit the notes...

They can authorize another person in writing in India to deposit the notes into their bank. The authorized person will have to visit the bank branch with the OHD banknotes, the authority letter and valid identity proof (Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff).

options for NRIs to change

For foreign tourists in India...

If you are a foreign tourist in India, you can purchase foreign exchange equivalent to Rs. 5,000 using these high denomination notes at airport exchange counters till 11th November, with proof of purchasing the notes.

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