Last week, Prime Minister Modi’s decision to ban old currency of 500 and 1000 denomination sent shock waves across Indians across the globe. While those residing in India are already queuing up at banks and ATMs, what is the way forward for NRIs who are settled far away but have Indian currency with them.
The move went for battling the scourge of counterfeit currency propagating terrorism and put fear in minds of people hoarding unaccounted wealth. It led to hundreds of people in India to hasten to petrol pumps and ATMs, as the news spread.
This new advancement has additionally brought up many issues among the diverse Indian diaspora (NRIs) living abroad. Numerous NRIs have tried to contact us about how might they get their old 500 and 1000 rupee notes changed over.
For NRIs, who have money close by, following are some ways Non-Residential Indians (NRIs) can change their 500 and 1000 rupee notes:
Bring the money with you to India:
As indicated by a public statement by India’s Ministry of Finance, one can trade the old notes till December 30, 2016.
Numerous non-private Indians are planned to make their outing to India in coming months. You can deposit your old notes to India and you will have the capacity to store this into banks or post workplaces till December 30, 2016.
On the off chance that you are not voyaging this year, you can even now transform them until March 31, 2017, by outfitting ID verification.
Utilize money exchange systems in your nation:
You could trade your money (read old Indian coin notes) at an ensured cash exchange in your city (this could be business private cash trade outlets and your neighborhood banks) and change your cash into dollars, pounds, or other nearby money, and after that change it back to rupees when you visit India. You may lose a bit on change rate yet this is a choice, on the off chance that you are not flying out to India before March 31, 2017.
Deposit the demonetized currency in your NRO account:
Reserve Bank of India’s (RBI) site has put our FAQs which expresses that you can store your notes into Non-Resident Ordinary (NRO) Savings Account.
Give authority to a close relation in India to get the currency deposited
As indicated by RBI rules, on the off chance that you have old banknotes in India, you may approve in composing empowering someone else in India to store the notes into your ledger. The individual so approved needs to go to the bank office with the OHD banknotes, the power letter given by you and a legitimate personality evidence (Valid Identity confirmation is any of the accompanying: Aadhaar Card, Pass Port, Driving License, Voter ID Card, PAN Card, Identity Card Issued by a Government authority, etc.)
If none of the above-mentioned system works
On the off chance that nothing from what was just mentioned alternatives are reasonable to you, there may, in any case, be a choice made accessible, states India’s government. As per updates if you are unable to get submit the old currency to banks, you will still have an opportunity to do it by 31st March 2017. However, from January onwards, the currency would be acceptable only at select places as advised the RBI.