Easy Ways to Change 500, 1000 Rs. Note by NRIs in US, UAE, Canada, Abroad : So here i am sharing the very simplest and easy ways to change 500 and 1000 Indian Rupee note by NRIs in outside India Abroad, USA, Canada.
Exchange 500 and 1000 Indian Rupee Note :
The Indian Prime Minister Narendra Modi surprised we all when he made the decision to banning or demonetize the 500 and 1000 Indian Rupee note and it was a surprise move on 8th November (Tuesday) night by announcing high-denomination notes of 500 and 1000 rupees and from now it will no longer be legal tender from midnight local time.
Now if you are NRI (Non Residential Indian), NRE (Non Resident Rupee) NRO (Non Resident Ordinary) then there is a bad news for you and of course you will suffer from this if you have carried with you all the Indian currency outside in India.
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It is considering that you will be safe and can make the 500 and 1000 Indian Rupee notes useful then you will have to wait or you can make them useful fast in almost a month to return all your 500 and 1000 Rupees notes to your nearest bank or post offices. This is an initiative by the Indian Government to control the circulation of black money.
How NRIs Can Change Indian 500, 1000 Rupee Note in USA, Canada, Abroad :
If you are travelling to India then the Indian residents can carry up to
Rs. 7,500 Rs. 25,000 and you can carry up to USD 5000 in cash or USD 10,000 as traveler’s cheques but it should be declared with the customs at Airport.
The point is that NRIs aren’t supposed to be carrying huge amounts of INR with them, it is illegal and might fall into the category of black money.
The time limit to exchange the Indian 500 and 1000 Rupee note is upto 31st March, 2017.
NRI How to Convert Indian 500 and 1000 Rs. Note in Other Country :
The NRIs can go to the money exchange center and they should make sure that they carry a valid ID and it is to tell you that you cannot get any foreign money exchange done without a valid ID (passport, Driving licence etc).
How to Change Indian Rupee Notes of 500 and 1000 in UAE (United Arab Emirates) :
Now if you are in UAE and yes i can understand about the difficulties they are facing to change Indian Rupee notes of 500 and 1000.
It is to tell you that the leading money transfer agencies in UAE has officially issued a declaration that they are temporarily holding off on accepting any Indian Rupees at their outlets, until there is no release of further notice.
Everything you need to know about – How to change 500, 1000 Rs. note in India and Abroad :
All 500 & 1000 indian rupee notes currently in circulation have to be turned over to the bank before December 30th 2016 instead of taking your old 500 & 100 Rupee notes.
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc.
Those unable to deposit Rs. 1000, Rs. 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof.
How NRIs can change 500, 1000 Indian Rs. Note [Easy Ways] :
If you bring the cash with you to India
- If there is something in your mind to travel in India before December 30, 2016 then you can bring the cash with you and exchange it at any bank or post office in India.
- In addition you have up to March 31, 2017 to exchange the money at any RBI office by furnishing passport and visa details that prove you were out of the country.
If you have already cash in India
- You can deposit the old notes in your NRO account
- You can deposit your notes into your Non-Resident Ordinary (NRO) Savings Account.
- However, this is an option only if you are travelling to India before December 30, 2016.
What if you unable to travel in India
- If you are unable to travel to India you can give the money to someone else you trust who is travelling to India.
- They could then exchange it on your behalf.
- If you have less than Rs. 25,000 then it would probably not be an issue, but for amounts larger than that it is advisable that you provide an authorizing letter to that person to exchange the bills on your behalf with other valid documents like PAN card, Aadhaar card, Passport copy, Visa copy etc.
- Note : The limit on currency a traveler can bring into India without declaring is Rs. 25,000.
Hope this article Easy Ways to Change 500, 1000 Rs. Note by NRIs in US, Canada, Abroad can make you easy to change 500 and 1000 Indian rupee note by NRIs.