Go Back  FlyerTalk Forums > Destinations > Asia > India
Reload this Page >

CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!

CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!

Old Apr 28, 17, 12:06 am
  #286  
FlyerTalk Evangelist
 
Join Date: Apr 2009
Location: India
Programs: Bonvoy Ambassador & Lifetime Titanium, IHG Plat, HH Gold, Trident Plat, DL Diamond, AI Maharajah
Posts: 28,576
Originally Posted by SuperFlyBoy View Post
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...
a client of mine found inr 22 lacs in her father's bank locker....the father passed away in october last year & they weren't even aware of the locker till they discovered his will earlier this month....we have approached the supreme court to get permission to exchange these notes but there are countless cases like this that are pending with the supreme court....lets see how this unfolds....
Keyser is online now  
Old Apr 28, 17, 1:29 pm
  #287  
 
Join Date: Sep 2005
Location: BOM-SIN-EWR
Programs: UA*G (1K again), Sixt Plat, *was*: SQ QPP01 & SK EBS/EBG, LH SEN, AA EXP, 9wPlat
Posts: 8,366
Originally Posted by Keyser View Post
....lets see how this unfolds....
Let us know - would really like to get this small amount exchanged if possible - no point for it to have to go to waste...
SuperFlyBoy is offline  
Old Jun 2, 17, 12:08 pm
  #288  
 
Join Date: Jun 2011
Location: SFO
Programs: Hilton-Gold
Posts: 674
Is the currency notes situation has eased? I will be carrying an ATM card and would be withdrawing money based on need. What are the restrictions like now(how much cash can be withdrawn and will ATM only gives 500,1000,2000 notes or small notes will be disbursed also)?
concordian is offline  
Old Jun 2, 17, 1:12 pm
  #289  
A FlyerTalk Posting Legend
 
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 98,680
Originally Posted by SuperFlyBoy View Post
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...
It's another travesty of justice that most of the most corrupt have very effectively laundered their ill-gotten gains without adverse legal action while those legitimately inheriting an estate of deceased relatives and ending up being the owner of demonetized 500 INR notes (legitimately acquired) may constitute a criminal offense or otherwise attract adverse attention from Indian authorities.

I'm pretty sure some more of my acquaintances in India will be finding boxes or rolls of 500INR notes in the attics and "godrejs" of deceased relatives.
GUWonder is offline  
Old Jun 2, 17, 4:22 pm
  #290  
FlyerTalk Evangelist
 
Join Date: Apr 2009
Location: India
Programs: Bonvoy Ambassador & Lifetime Titanium, IHG Plat, HH Gold, Trident Plat, DL Diamond, AI Maharajah
Posts: 28,576
Originally Posted by concordian View Post
Is the currency notes situation has eased? I will be carrying an ATM card and would be withdrawing money based on need. What are the restrictions like now(how much cash can be withdrawn and will ATM only gives 500,1000,2000 notes or small notes will be disbursed also)?
yes, it is back to normal now....you can withdraw any amount you like....there are no restrictions now....

there are no more inr 1k notes so the atms will disburse inr 2k, inr 500 & inr 100 notes....
Keyser is online now  
Old Jun 3, 17, 5:41 am
  #291  
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
 
Join Date: Dec 2002
Location: MUC
Programs: LH SEN**
Posts: 43,796
Sweden has pulled a similar stunt withdrawing 20/50/100 notes with short notice. We have a stack of 20 notes that are of no use because the processing fee exceeds the value.
oliver2002 is online now  
Old Jun 3, 17, 10:32 am
  #292  
A FlyerTalk Posting Legend
 
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 98,680
Originally Posted by oliver2002 View Post
Sweden has pulled a similar stunt withdrawing 20/50/100 notes with short notice. We have a stack of 20 notes that are of no use because the processing fee exceeds the value.
The old Swedish notes are still convertible in the main to new notes. And unlike with India, Sweden gave a lot of advance notice about the notes change and had already announced a process in place to exchange the notes that have been phased out.

The Swedish currency notes being phased out was announced at least 12 months prior to being made effective. The Swedish currency notes move is nothing like the INR currency notes shenanigans we got from the Indian government.

Last edited by GUWonder; Jun 3, 17 at 10:38 am
GUWonder is offline  
Old Jun 14, 17, 3:25 pm
  #293  
FlyerTalk Evangelist
 
Join Date: Aug 2000
Location: London
Programs: Hilton, IHG - BA, LH, QR, SV, TK
Posts: 15,438
welcome back!

I haven't been in India in over a year I know some things have changed. I'm expecting BOM at midnight+ to be much the same....
...but what about my healthy stache of INR500 notes - are they now monopoly money, totally useless?

Or can I do something with them, find a discount broker: or just bin them?
IAN-UK is offline  
Old Jun 15, 17, 1:14 am
  #294  
FlyerTalk Evangelist
 
Join Date: Apr 2009
Location: India
Programs: Bonvoy Ambassador & Lifetime Titanium, IHG Plat, HH Gold, Trident Plat, DL Diamond, AI Maharajah
Posts: 28,576
Originally Posted by IAN-UK View Post
I haven't been in India in over a year I know some things have changed. I'm expecting BOM at midnight+ to be much the same....
...but what about my healthy stache of INR500 notes - are they now monopoly money, totally useless?

Or can I do something with them, find a discount broker: or just bin them?
just bin them now....
Keyser is online now  
Old Jun 15, 17, 8:23 pm
  #295  
 
Join Date: Feb 2010
Location: ORD
Programs: US Air, UA BA LH AI DELTA MARRIOTT CHOICE SGP
Posts: 9,850
Originally Posted by IAN-UK View Post
I haven't been in India in over a year I know some things have changed. I'm expecting BOM at midnight+ to be much the same....
...but what about my healthy stache of INR500 notes - are they now monopoly money, totally useless?

Or can I do something with them, find a discount broker: or just bin them?
When the conversion started had read and heard that it is unlawful to posses these notes in India. So do be careful if you carry them in....
HMPS is offline  
Old Jun 16, 17, 5:51 am
  #296  
A FlyerTalk Posting Legend
 
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 98,680
Originally Posted by IAN-UK View Post
I haven't been in India in over a year I know some things have changed. I'm expecting BOM at midnight+ to be much the same....
...but what about my healthy stache of INR500 notes - are they now monopoly money, totally useless?

Or can I do something with them, find a discount broker: or just bin them?
Totally useful if you want legal problems. I kid you not, but what Modi wanted includes criminalization of possession of a healthy stack of the old INR500 notes too.
GUWonder is offline  
Old Jun 16, 17, 8:04 pm
  #297  
 
Join Date: Feb 2010
Location: ORD
Programs: US Air, UA BA LH AI DELTA MARRIOTT CHOICE SGP
Posts: 9,850
More Currency Pains ?

Just read that arriving NRIs and other foreigners are NOT allowed to bring in any Rs into India other than those exchanged at BOM upon arrival.
I am sure 99 % of NRIs keep a small amount of Rs on them to pay for immediate expenses at the airport. Now it seems we will have to line up at the Forex counters, pay the rate as indicated.
Further we will not be allowed to have ANY Indian currency with us beyond a certain area after checking in. Spend it in the shops or donate it to someone !

Any thoughts/suggestions ?We at least need some to tip the porters etc.
HMPS is offline  
Old Jun 17, 17, 12:11 am
  #298  
FlyerTalk Evangelist
 
Join Date: Aug 2000
Location: London
Programs: Hilton, IHG - BA, LH, QR, SV, TK
Posts: 15,438
Originally Posted by GUWonder View Post
Totally useful if you want legal problems. I kid you not, but what Modi wanted includes criminalization of possession of a healthy stack of the old INR500 notes too.
Ok, my version of healthy is probably not yours!!

I checked my travel wallet and there are just five of the notes. Still, it's annoying - handy assurances of being able to get taxis without messing around in the airport.

Who knows? They might become collectors' items for my heirs to sell on eBay
IAN-UK is offline  
Old Jun 17, 17, 8:54 am
  #299  
:D!
Hilton Contributor BadgeIHG Contributor Badge
 
Join Date: Sep 2012
Location: Sheen, London
Programs: BA Platinum, Hilton *G, A3 Diamond, IHG Silver
Posts: 5,591
Originally Posted by IAN-UK View Post
Who knows? They might become collectors' items for my heirs to sell on eBay
There are millions of these still going around in the UK alone, several banknote dealers are still listing thousands a week on ebay and getting 5-10% of the value. A few months ago they were going for 50-100+% of value.

I wouldn't expect them to gain any value unless they are in almost new condition or have a very nice serial number.
:D! is offline  
Old Jun 20, 17, 12:19 am
  #300  
 
Join Date: Oct 2003
Posts: 1,194
Going rate now is about 8% of face value but there is almost weekly news report of someone getting caught. Almost 100% of resident Indians that I have talked to have managed to get 100% of their notes (including all black ones) converted. SOL are innocent OCI with perfectly white notes taken for convenience within RBI approved limits

Possession of few notes is not going to be problem (this is from some customs and police friends).

Taking out few thousands in new currency and then bringing them back with you (say 10-15k) is not a problem from practical point of view (same sources)

Official Govt of India websites still claims that OCI and NRI are on parity in financial matters while RBI maintains that OCI have no rights to exchange old notes. Proves that it is not just uneducated semi-skilled workers (Plumbers, electricians, shopkeepers) or even highly educated professionals (bank managers, specialists doctors) that lie so blatantly but even official GOI cant be trusted.

The whole demonetization exercise has costed the country a lot of money. Rummer has it that more than 100% of cash in circulation has been tendered. Cost of printing new notes and huge man power used for the exercise is additional. Productivity lost and impact on growth are intangibles. But most resident Indians have forgiven as hardly anyone who is local has suffered any significant monetary damages apart from occasional stories about grandpa dying without telling about bundles in locker or attic.
desi is offline  

Thread Tools
Search this Thread