washingtonian_2017

there are short lines at forex counters at airport, but they will only exchange a maximum of USD$75.

ATMs are just a crapshoot. most of them are out of cash. in any event, you can only get a maximum of INR 2,000 fro ATM.

Catbert10

Landed in DEL this morning around 2:00am. 2 out of 3 ATMs were out of order (T3) and the third had a withdrawal limit of 2K rupees.

GUWonder

The Indian PM has wanted to criminalize the possession of demonetized notes with a cumulative value of as little as $73 USD (as of this month). So this week he put in place an ordinance to do just that.

Any unauthorized private party who has more than 10 demonetized Rs 500 ($7.3) and/or Rs 1,000 ($14.6) currency notes after March 31 is subject to a penalty of a fine and/or being incarcerated for as long as four years.

The government is desperately trying to do whatever it can to limit the government's obligations with regard to the demonetized notes, and so this kind of radical move is made by the government too.

Tourists and others visiting India after March 31st could be in for major trouble if they happen to be caught and pursued to the fullest extent for ending up with or stumbling upon as few as 5000 rupees of demonetized notes.

The demonetization mess was reason enough for some to postpone/avoid travel plans for India during this season. And now with the criminal penalties applicable after March 31st, that may be another reason to get worried about visiting India even later.

shonamac

Adding to GUWonder's post above, now that the dealine for depositing old notes in Banks is over, neither the Government nor the RBI has not announced any rules or procedures for exchanging money at the RBI.

For those who were unable to travel to India during November / December, how do they get value for whatever notes they have in their possession?

Modi does not say and of course he does not care; but he DOES want their money!

GUWonder

Nearly 90% of the demonetized notes have been deposited in Indian banks already. That tells people that there's not much "black money" out there in India or the players have found creative measures to get the money deposited in banks already.

I'm trying to find out the figures for the percentage of such deposited notes that have been identified as counterfeit notes, but there's no sign yet that it's a large percentage of the bank-deposited demonetized notes.

So shutting down "black money" income and "counterfeit money" use/financing seems to have not been all that effective if those were truly the aims of the demonetization. While the aim of the demonetization wasn't to adversely impact the poor or the visitors to India, it has done just that.

shonamac

I read that folks bringing in old Indian currency (500 & 1,000) need to have a form signed by customs upon entry. But where does one get this form?

Knowing India, the customs counter at most airports wll probably have no such forms, erspecially in the early days

Henry Wu

I just came back from India and it was pretty crazy re: the ATM situation.

Wrote about it here: http://www.henrywuphoto.com/blog/201...-of-2016-india

Basically - don't come to India without USD, Euros, or GBP to exchange at the airport. Otherwise you'll find yourself in a pretty crappy situation where you can't get cash.

oliver2002

The 'form' (cough cough) is on the 3rd page of the CBEC circular (attached). It only applies for Q2/17, when locals can no longer submit SBNs but NRIs.

Nice to see the extended the deadline to end of March, suits me fine since I travel to India in about 3 weeks

Lindsy

I'm going end of this month. Does Forex only take dollars in cash? And are you finding that street markets, cabs and other places you would normally spend small amounts taking dollars or sterling in cash?

washingtonian_2017

I am in BLR for the week and things have definitely improved. I was able to easily get Rs. 4,500 from ATMs on successive days without a hassle. I always withdraw an odd number of rupees to ensure that I get smaller bills (Rs. 100) and not the Rs. @2,000.

many of the stores had no problem accepting my US credit cards (including AmEx). I didn't try using USD for payments.

Forex takes both cash or travelers checks, but I would suggest cash as it is easier to exchange that. Please carry $20 or $50 bills as it is easier to exchange them.

there were absolutely no lines (may be one or two people)at the ATMs (in BLR) and most of the ATMs were operational though some had notices indicating that the ATM would only dispense Rs. 2,000 bills.

oliver2002

these places will NOT take €/$/£.

GUWonder

The formal forex services take US dollars and a variety of other countries cash notes (including British pounds) for exchange into Indian rupees.

Use of non-Indian currency for street market use, cabs and other common retail uses is very uncommon in India even now.

GUWonder

According to some, of the Rs15.4 trillion notes that were subject to demonetization, Rs.14.97 trillion got deposited in banks. Not even 3% of India's cash economy was part of the "black money" economy? Come on.

ukdoctor

The document you have attached seems to be specific for Indian Citizens (Resident and Non resident Indian citizens ) with different time frames for each.

​​​​​The question is whether OCI holders will be allowed the same ???

The 'form' does not have a column for Nationality or a OCI number which is makes it look as if its for Indian passport holders only and not for OCI's

Hopefully this might get amended in the future. .

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desi

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