:D!

Here in London I am still seeing the old notes change hands for 40-60% of their value too.

I have no idea how the people accepting them are getting them exchanged, but I suppose they can't reveal their secrets.

oliver2002

Yesterday the BoI in BOM was making all Indians sign a declaration on the back of the immigration forms that they were not taking any SBN out of the country and that they knew that the possession of SBN was illegal since January 1, 2017.

ewrfox

Anyone know if the new notes can converted here? Friend who went to India is left with ₹1500.

desi

<delete>

desi

Thats just 22 USD. Given your location of EWR, should be easy to find some friend/collegue/neighbour to exchange for 20 USD. (offer 15, if disposal is critical)

oliver2002

New 500 & 2000 notes are legal tender and can be converted at any Fx outfit.

desi

They are indeed legal tender in India. But many forex places and small/medium size banks are shying away from ANY transactions involving INR (they are even refusing to issue a rupee draft which has nothing to do with SBN since Nov 9). An overreaction on their part of course but an indication of harm to India's repute in forex marketplace due to this fiasco.

Also, the cost of converting small amount like this could be huge on percentage basis. Given that OP is based near EWR, finding an obliging friend/collegue/neighbour would be most economical/convenient especially if OP offers generous conversion rate.

ewrfox

They wouldn't touch it.

dvpatel

This is posted outside Mumbai RBI. A friend sent it to me. Thank God I didn't ask my wife to go there. So, even if you got the declaration signed at the airport, if you are PIO or OCI, you are SOL and I would not waste any time going to one of the RBIs.

desi

The above is exactly what RBI has said officially (consistently) for last 3+ weeks.

However, nothing in the law prevents OCI from filling up custom declaration form upon arrival at the airport. (We have seen mixed reports of custom officers not cooperating).
It is advisable to do so at the airport as RBI/GOI can change rules while you are in India. (low probability but certainly greater than zero)

GUWonder

Fake 2000 INR notes have been making their way to banks. And the counterfeits are going to be improving in part over time, so eventually some will end up being accepted for deposit by the banks when they shouldn't be.

This demonetization and the introduction of a higher denomination note just further complicates the picture.

desi

So guess, the rumor of allowing OCI to exchange post Mar 31, was just that - a rumor.

ukdoctor

I don't know if this has been posted on the forum but if you are of Indian origin and have NRI/OCI status and are not an Indian resident DO NOT apply for the Aadhar number .

Only Indian residents are allowed to apply for Aadahar . This is irrespective of whether they are an indian citizen or not. I.e Indian citizen working overseas and an NRI cannot apply while a Foreign passport holder who is resident in India can apply for it. There is however talk of allowing non residents to apply but this has not been confirmed yet.

NRI's should not apply for Aadhar with an Indian address as they are declaring themselves to be resident!!!

I have had a long conversation with my CA and the consensus was that applying and getting aadhar would open a big can of worms for NRI's . The IT dept could then ask why the aadhar holder (who has declared himself as resident for getting the card) is not filing an IT return or paying tax in his overseas income !!!


http://nricafe.com/aadhaar-card-not-...ys-india-govt/

Link to official press release from Income tax department confirming the same

http://www.incometaxindia.gov.in/Lis...-5-04-2017.pdf

desi

(Yes, Aadhaar is for residents including foreigners and excluding NRI - that information could be useful to someone who is not aware of it- but this post should be moved to Aadhar related thread as this thread is about 500/1000 currency notes and issues related to it)

SuperFlyBoy

Just found some old notes inside an envelope with one of my other bank documentation.

It really boggles the mind that exceptions are not being made by the Government with these draconian measures they have taken.

Especially given that most of the corrupt individuals in India have already found ways to bypass this...