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Old 16th January 2017, 11:00   #2056
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
The rules were laid down on Day 1 (or maybe 2).
..which said overseas citizens can come and exchange the notes even after 30th Dec 2016 at RBI. Perhaps they should have said which RBI? Are we dealing with a shady e-bay retailer or the GOI?

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I am surprised that you did not have one of your friends visiting India earlier to take care of this. Would have been trivial to deposit in you bank account.
Agree. That's THE most simplest thing to do. People ship a whole lot of things through friends/relatives/colleagues.

Last edited by navin : 16th January 2017 at 12:20. Reason: removed reference because orignal post is edited
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Old 16th January 2017, 12:15   #2057
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
Nine notes, all of ₹9,000 at most. The rules were laid down on Day 1 (or maybe 2). I am surprised that you did not have one of your friends visiting India earlier to take care of this. Would have been trivial to deposit in you bank account.

I am sure you knew but did not bother.


I think sending currency through post/courier is illegal, so customs did the correct thing. I am happy they did not serve you a notice of impending prosecution.
While you are correct that it is illegal to send money through post/courier, however, the fact is that legitimate accounted money of NRI's are lost due to this sudden move. If the government makes a drastic rule as this, then they should have made arrangements to exchange the notes in the respective embassies. To expect each NRI to come down personally within 6-9 months and exchange their money in person is absurd. It just erodes the credibility of the indian currency.

Also, its not about the amount, its about the principle. The reason why people across the world hold the US$ and the British Pound is because their governments ensure the stability of their currencies.

Last edited by navin : 16th January 2017 at 12:25. Reason: removed comment from the original post
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Old 16th January 2017, 13:09   #2058
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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While you are correct that it is illegal to send money through post [...]
I don't think there is any law that blanket-prohibits this. People don't do it because it is susceptible to theft, that's all.
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Old 16th January 2017, 13:49   #2059
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I don't think there is any law that blanket-prohibits this. People don't do it because it is susceptible to theft, that's all.
Actually the Indian Customs FAQ states that it is not permitted to import indian currency into India via post/mail/courier unless it is approved by the RBI and upto Rs.5000. See link http://accmumbai.gov.in/aircargo/import/faq.html

However, once these notes ceased to be legal tender, then legally, there is no law prohibiting their import. Also, in light of the demonetization exercise, there should have been some process for NRI's/ Indians on long term overseas stints to be able to exchange their demonetized notes overseas in their respective embassies. To expect them to actually travel to India and personally carry the currency is ridiculous. Even SGIITK's suggestion of giving the currency to a friend is not feasible since there is a maximum limit of 25k and many Indians/NRI's easily have that much or more on their person when they leave India.
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Old 16th January 2017, 16:39   #2060
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
Nine notes, all of ₹9,000 at most. The rules were laid down on Day 1 (or maybe 2). I am surprised that you did not have one of your friends visiting India earlier to take care of this. Would have been trivial to deposit in you bank account.

I am sure you knew but did not bother.
I'm surprised to see such a callous attitude towards someone else's hard earned money. Even if it isn't hard-earned, who are we to judge them?
It is this same attitude of lack of empathy towards others that we see on our streets and traffic manners, or lack of it.
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Old 16th January 2017, 17:29   #2061
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Yeah thats the process. Have the customs stamp the number of currency youre having, then next step; RBI Chennai.

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So what is the procedure. Declare them at customs when you enter and then go to the RBI? I'll be in Madras this week, may try if I find time.

Last edited by noopster : 16th January 2017 at 17:33. Reason: Fixed quote tag
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Old 16th January 2017, 17:42   #2062
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

ATM withdrawal limit has been raised to Rs 10K/Day with the weekly limits remaining the same.
http://www.ndtv.com/india-news/atm-w...e-bank-1649373
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Old 16th January 2017, 19:46   #2063
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Wife found some more old notes, is there still a process to change them or should I just forego it?
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Old 16th January 2017, 20:02   #2064
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Wife found some more old notes, is there still a process to change them or should I just forego it?
As per the Nov 8th announcement you have time until March end, unfortunately that's been proved to be a falsehood. Now the only option is if you have an NRI or Indian who is returning from an overseas stint and can prove it with his passport and visa stamps. Else preserve it and If its in good condition the notes might fetch even higher value for numismatic reasons after a few decades.
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Old 16th January 2017, 20:56   #2065
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Wife found some more old notes, is there still a process to change them or should I just forego it?
There is no process. Congrats, you have just involuntarily become a contributor to the black money tally.I guess it is NRI's like sebring and unfortunate people like you who the govt is banking on to shore up the numbers of black money recovered.
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Old 16th January 2017, 21:19   #2066
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What we are forgetting is the huge impact this has had in limiting terrorism and Naxalites.
If you just count the average lives saved in past 2 months, I think this so called pain was well worth it.
You may not like the implementation but also look at the scale of the issue at hand.
I can't remember if any other govt change that was ever implemented so successfully and so rapidly.
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Old 16th January 2017, 21:40   #2067
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Originally Posted by freedom View Post
What we are forgetting is the huge impact this has had in limiting terrorism and Naxalites.
If you just count the average lives saved in past 2 months, I think this so called pain was well worth it.
You may not like the implementation but also look at the scale of the issue at hand.
I can't remember if any other govt change that was ever implemented so successfully and so rapidly.
How many would you say were saved due to this superb implementation? I'm sure there's some data available. Meantime, the so called pain has seen people dying in queues. Or maybe people have been dying at banks and ATMs forever but the "paid media" didn't bother to cover it?
See, support it all you like, but do recognize the fallacies when you term the implementation "grand".
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Old 16th January 2017, 22:28   #2068
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

You can change them at any of the regional offices of RBI

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Wife found some more old notes, is there still a process to change them or should I just forego it?
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Old 16th January 2017, 22:33   #2069
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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You can change them at any of the regional offices of RBI
Are you sure? Afaik, only NRI's or Indians returning from an overseas trip undertaken prior to dec 30th are allowed to exchange the old notes at RBI offices and only up to a limit of 25000 Rs.
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Old 16th January 2017, 22:40   #2070
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Yes, 30.03.2017 for resident Indians. 30.06.2017 for NRI & PIO

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Are you sure? Afaik, only NRI's or Indians returning from an overseas trip undertaken prior to dec 30th are allowed to exchange the old notes at RBI offices and only up to a limit of 25000 Rs.
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