CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!
Jan 25, 2017, 1:18 pm
#256
Join Date: Jan 2017
Posts: 81
Jan 25, 2017, 3:06 pm
#257
Join Date: Oct 2003
Posts: 1,203
Believe what GUWonder was alluding to was that NRI in UK who are going to RBI on their India trip for their own money but have spare capacity for 25k allowance might be doing for haircut.
Since anyone already in India/Gujarat/Anand is not allowed to turn in SBN any more, hard to believe anyone doing it for 50Rs. Your earlier post about 60% seem more in ballpark for NRI in UK but for any one already in India, it is murky situation.
Personally, I wud rather wait for slim hope of policy change or just give up on 200-300 GBP than participate in outright illegal stuff. But to each its own...
Jan 25, 2017, 3:07 pm
#258
Join Date: Oct 2003
Posts: 1,203
bump...
Question 2:
How are withdrawal limits impact foreigners taking money out of their foreign accounts?
I guess at ATM transaction level 10k might be imposed. But cant s/he find 5 different ATM (with cash in it) and be abe to get 50,000 out in single day? (different story that fraud detection may freeze the card)
How are withdrawal limits impact foreigners taking money out of their foreign accounts?
I guess at ATM transaction level 10k might be imposed. But cant s/he find 5 different ATM (with cash in it) and be abe to get 50,000 out in single day? (different story that fraud detection may freeze the card)
Jan 25, 2017, 6:59 pm
#259
Join Date: Jan 2017
Posts: 32
Guess no one will give 100% unless they don't care and just good with someone else benefitting or getting rid of what they have
Jan 26, 2017, 6:42 am
#260
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It seems there are ways to get rid of SBNs with a significant loss though. I'm getting rid of my 17k tomorrow and will report.
Jan 26, 2017, 7:19 am
#261
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What percentage of that 17k amount are you looking at losing due to this? I've seen haircuts vary from a fixed fee to a percentage of the transaction or some combination of those two.
Jan 26, 2017, 7:24 am
#262
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Well, I have to destroy them before I leave on Saturday as sometime this year it will become illegal for 'foreigners' to have any SBN.
Jan 26, 2017, 5:05 pm
#264
Join Date: Oct 2003
Posts: 1,203
earlier this week, as per the rbi guidelines, the daily atm cash withdrawal limit has been increased to inr 10k but the weekly withdrawal limit remains inr 24k....
more info on the cash situation is available in the thread below:
http://www.flyertalk.com/forum/india...al-tender.html
more info on the cash situation is available in the thread below:
http://www.flyertalk.com/forum/india...al-tender.html
Assuming that OP's bank allow daily withdrawal limit of say 1000 GBP (this is current limit for barclays bank premier accounts - roughly 85000 Rs), couldn't OP actualy withdraw about 6 lakhs rupees in a 7 day period doing 8 ATM transactions every day?
Jan 27, 2017, 2:29 am
#265
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How is 24k weekly limit imposed on UK citizen's UK bank account?
Assuming that OP's bank allow daily withdrawal limit of say 1000 GBP (this is current limit for barclays bank premier accounts - roughly 85000 Rs), couldn't OP actualy withdraw about 6 lakhs rupees in a 7 day period doing 8 ATM transactions every day?
Assuming that OP's bank allow daily withdrawal limit of say 1000 GBP (this is current limit for barclays bank premier accounts - roughly 85000 Rs), couldn't OP actualy withdraw about 6 lakhs rupees in a 7 day period doing 8 ATM transactions every day?
Jan 27, 2017, 12:06 pm
#266
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A German ling in Kolkata I met today said his German debit card yields as much cash as he needs, 10k at a time.
Jan 27, 2017, 12:16 pm
#267
Join Date: Jan 2017
Posts: 81
The Rs. 50 haircut was a joke. You guys are way too uptight. I got a chuckle out of the term haircut and thought it was a typo by GU (their cut v/s haircut).
In any case, Oliver2002, what %age did you get? Like I said earlier, the one agent my dad can get to do this is keeping 60% and only giving 40%. What was your experience and where in India?
In any case, Oliver2002, what %age did you get? Like I said earlier, the one agent my dad can get to do this is keeping 60% and only giving 40%. What was your experience and where in India?
Jan 27, 2017, 8:10 pm
#268
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The Marwari neighbor in our house graciously accepted all of my 17k as payment for the so called 'society fees' (to run the water pump, hire a guard, pay for the lift etc) of my flat without a cut. When asked what the cut would be in the market in CCU he said its about 60-40% today.
Jan 27, 2017, 10:32 pm
#269
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The Marwari neighbor in our house graciously accepted all of my 17k as payment for the so called 'society fees' (to run the water pump, hire a guard, pay for the lift etc) of my flat without a cut. When asked what the cut would be in the market in CCU he said its about 60-40% today.