NRIs: how to convert your 500, 1000 Rupees before December 2016

Indian Rupees 500 and 1000

For all the non-resident Indians (NRIs) who keep some Indian currency so that when we go back to India we have some ready currency. This new development has raised many questions among Indians living abroad.

NRIs this is going to be a tricky situation…

  • Indian living abroad can deposit the money once they are back to India. The best way to convert your money is to send it through someone you know who is traveling to India.
  • Some of you might have friends or family going to India, and you can give your money to them and have it deposited at an Indian bank by your friend/relative. Else they can send it relatives or friends using a remittance service and ask them you deposit on your behalf .
    Airports have foreign money exchange stations (currency exchange), but Banks and currency exchange centers are not ready to accept Indian Rupees.
  • If you are a foreign tourist in India, you can purchase foreign exchange equivalent to Rs 5,000 using these high denomination notes at airport exchange counters with a proof of purchase.
  • NRIs & PIOs need not worry about money in their NRI accounts as this money is safe. Opening an resident ordinary rupee (NRO) account shouldn’t be a problem for non-resident external (NRE) account holders.
  • 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.