Keyser

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....

SuperFlyBoy

Let us know - would really like to get this small amount exchanged if possible - no point for it to have to go to waste...

concordian

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 What are the restrictions like now(how much cash can be withdrawn and will ATM only gives 500,1000,2000 notes or small notes will be disbursed also)?

GUWonder

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.

Keyser

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....

oliver2002

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.

GUWonder

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.

IAN-UK

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?

Keyser

just bin them now....

HMPS

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....

GUWonder

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.

HMPS

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.

IAN-UK

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

:D!

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.

desi

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.