Posted by : Aahil Shaik Nov 18, 2016


Many Indians living abroad with their families saved thousands of money with them for spending it in India on their next trip, After a one night announcement of scrapping 500 & 1000 rupees notes from Indian government Non Resident Indians are worried how to use their old 500 & 1000 rupee notes.

We bring 4 possible ways for exchanging your old 500 & 1000 rupees notes with new one. Overseas Money Exchange centers already stopped accepting old Indian notes. Similar : India bans old 500 & 1000 rupee notes

1. Deposit your old notes in NRO (Non Resident Ordinary rupee) account : This option is only available to those who hold NRO Savings account with bank and for those who are travelling to India before 30th December of 2016. Related : How to open NRI Account from overseas

2. Authorize someone to deposit your money : If you have old notes in your home, you can authorize someone you trust for depositing that money by writing a authorizing letter and providing your identity proof as per the RBI (Reserve Bank of India) guidelines. Trending : Indians are sending less money to home

3. Travel to India before 30th December 2016 : If you have any plans for travelling to India before 30th December you can take cash with you for exchanging it in bank or post office of India.

- In case you do not have any plans for travelling to India before 30th December, You can exchange it before 31st March of 2017 by visiting direct to RBI office by submitting your passport and visa details. See Also : Uniform Civil Code in India

4. Send your old notes with someone : If all the above options are not suited to you, then you have a last option is send your old notes physically to India with someone you trust.

- You should remember that cash carrying limit in India for traveler is 25000, If you are sending above this amount you need to declare it. Recommend : Indian Business Man gifts cars, flats to employees

- Rs 25000 can be exchanged without any problem, If you have more amount than this you need to provide your authorize letter for depositing your money with your identity proof.


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