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RBI has allowed NRI’s ( non-resident Indians) to exchange scrapped Rs 500 and Rs 1,000 notes till June 30. NRIs and Indians returning from abroad will have to physically show the old Rs 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI.

  • NRI’s who were abroad during November 9 and December 30, 2016, can exchange old Rs.500 and Rs.1000 currencies up to June 30, 2017 – The limit for NRIs will Rs 25,000 per person as per the relevant FEMA Regulations
  • Resident Indians who were abroad during November 9 and December 30, 2016, can exchange old Rs.500 and Rs.1000 currencies up to March 31, 2017- no limit for exchange for the eligible Resident Indians.

NRIs, Indians returning home to show old notes to Customs

  • Indians abroad will have to produce a “copy of passport with immigration stamp as proof of the individual’s absence from the country during the period November 9, 2016, to December 30, 2016″

Where can I deposit the money ?

For NRIs the facility is available from January 2, 2017 to June 30, 2017 at five Reserve Bank offices.

  • Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

for more information visit RBI –  https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122


Interest rates on Domestic, NRO & NRE deposits less than 1 crore with premature withdrawal facility

ICICI Bank Fixed Deposit ( Effective upto Nov 16, 2016)

– 7.25% p.a. on Fixed Deposits for tenure of 390 days

– 7.75% p.a. on Fixed Deposits for tenure of 390 days for Senior Citizens


Visit ICICI Bank Fixed Deposit Interest rates page


Here is the look, color, theme and features of new 500 and 2000-rupee notes

New – Indian Rupee 500 (click the image below for features )



New – Indian Rupee 2000  (click the image below for features )



Here are some tips to exchange old Rs 500 & 1,000 notes for Indian’s who live out of India  ?

1. If you are travelling, carry the cash with you to India and deposit in your account till Dec 30, 2016
If you dont have plans to travel this year, you can still exchange old 500 and 1000 rupees at RBI offices with proof.

2. If you are NOT travelling, give cash to a friend/ relative who is to India

  • authorise in writing enabling another person in India to deposit the notes into your bank account.

3. Deposit to Non Resident Ordinary Rupee (NRO) account.

  • If you have an Non Resident Ordinary Rupee (NRO) account, deposit it

According to RBI guidelines

An NRI can deposit the old Rs500 and Rs1,000 currency notes to Non Resident Ordinary Rupee (NRO) account

Checkout RBI question and answers to exchange old 500 and 1000 rupees


Here is the RBI question and answers to exchange old 500 and 1000 rupees

1. Why is this scheme introduced?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. These Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

4. Can I get all in cash?

No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?

The Scheme does not provide for it, given its objectives.

6.4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

7. What if I don’t have any bank account?

You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

8. What if, if I have only JDY account?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

9. Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

10. Need I go to my bank branch only?

For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.

For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

11. Can I go to any branch of my bank?

Yes you can go to any branch of your bank.

12. Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.

13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

14. Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

15. Can I withdraw from ATM?

It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of ₹2,000/- per card per day upto 18th November, 2016. The limit will be raised to ₹4000/- per day per card from 19th November 2016 onwards.

16. Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of ₹10,000/- in a day within an overall limit of ₹20,000/- in a week (including withdrawals from ATMs) upto 24th November 2016, after which these limits shall be reviewed.

17. Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, Specified Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers.

18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

19. How much time do I have to exchange the notes?

The scheme closes on 30th December 2016. The Specified banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.

For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

20. I am right now not in India, what should I do?

If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the Specified banknotes to your NRO account.

22. I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to ₹5000 using these Specified Bank Notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the Specified Bank Notes.

23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the Specified Bank Notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

24. What is proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

25. Where can I get more information on this scheme?

Further information is available at RBI website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)

26. If I have a problem, whom should I approach?

You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944



Photo by ptra

For a foreign visitor in India unfamiliar with the system, money can be quite a challenging thing to carry in safety. Although India is quite welcoming a country for tourists coming from abroad, there are certain risks and pitfalls while dealing with some of the locals, which is where one needs to be safe with money and anything valuable. But there are ways to keep your money safe and secure, so, worry not, for this guide will take you through a few steps of carrying your money safely during your voyage to India.

1. Carry More Cash Than Card

Although carrying plastic money feels like the way to go, some handy cash will go a long way in ensuring safe passage. If you’re visiting some remote areas or using public transport even in the major cities of India, keeping some cash on hand makes your job a lot easier. Avoid carrying hefty amounts of cash, and since ATMs are available at almost every place in India, make use of them as needed. Be careful about using the right ATM, keep your liquid cash safe in your purse or backpack, and hold on tight to your belongings always.

2. Traveller Cheques Are Helpful

American Express offers the most useful kinds of traveller cheques, along with some others, and those are exceptionally easy to use in India. Although traveller cheques aren’t as popular anymore due to the availability of ATMs, they can be your emergency backup in case of a stolen credit card or lack of cash. Many places in India accept traveller cheques and the great part about them is that they can be replaced if lost or stolen, making it less of a hassle than a credit/debit card. It is always good to have a backup plan in the form of a traveller cheque.

3. Carry Documents in Case of Loss of Credit/Debit Card

Always keep your travel documents handy. In case of any emergency like the loss of a credit or debit card, traveller cheque, an ATM mishap etc. keeping documents with you will help in filing a complaint for the same. In case of any identity theft issue, this can come in a lot of use. It is also important to keep copies of your documents so that you don’t lose the original ones along with your money if that happens at any point.

4. Keep Small Change Handy

Travelling through public transport, tipping, shopping in small towns, eating at a street vendor etc. are just some of the things that require you to have change at your expense. It is always recommended to keep change quickly available to yourself so that navigating through places where large amounts of cash aren’t needed becomes easier. It also helps you in keeping track of the money you spend. At most places like hotels or public transport, tipping and purchasing tickets will require you to use Rs.10, 20, 30, 40 or 50, so keeping a few notes handy will go a long way in ensuring yourself ease of access.

5. Exchange Money Only at Authorized Centres

Tourists get scammed right and left if they aren’t mindful of the places they exchange their money at. The easiest way would be to exchange currency at the airport upon arrival, and later making use of the popular places of currency exchange and keep a check of unauthorized places that provide currency exchange. At an authorized location, you will get the exact rate of exchange instead of a made-up one which will rip you off. Keep both your national currency as well as Indian currency at hand so you can exchange it when needed. Some major places also accept US dollars and Euros in India.

6. Report Your Loss of Credit/Debit Card Immediately

Never waste a single moment when reporting your loss of credit/debit cards. Online portals for the same are easily available, and once you’ve reported your loss immediately, it can become easier to block the card or return it to you in time. Contact the card companies or banks instantly, and also file a report at the nearest police department in case your credit card company asks for an official police report. This way you can obtain cash or an emergency card from the company as soon as possible.

Travelling in India for the first time can be a bit confusing when it comes to money matters, but once you’ve got the gist of it, there won’t be anything to worry about. After all, the priority is to enjoy your time in the country.

Author Bio:

Rohit’s excursions across India have given him plenty of knowledge about the life of a tourist, and he shares his thoughts on transindiatravels.com to help out other enthusiastic visitors of India.

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