Dec 30, 2016: India demonetized all Rs 500 & 1000 notes. What do I do with my leftover cash?
On November 08, 2016, India declared that all old 500 and 1000 rupee notes are no longer legal tender, and have to be deposited or exchanged before December 30, 2016.
I have some leftover rupees and am not planning to return to India before the deadline. What are my options?
Update: The BBC has a story on this, and apparently overseas options are really limited: http://www.bbc.co.uk/news/business-37938925
Best Answer
Probably you can contact any overseas branch of State Bank of India or any overseas branch of an Indian bank in your country and return the currency for a good exchange. State bank gives a good exchange rate hence preferred.
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What do I do with old 500 and 1000 notes now?
What should I do if I have currency in Rs 500 and Rs 1,000 notes? You can deposit these notes into your bank accounts or they can be exchanged at bank branches till 30th December 2016. Bank notes of the combined value of Rs 4,000 only can be exchanged. Similar facilities will also be made available at Post Offices.Can Demonetised notes be exchanged now?
RBI's advocate Aditi Phatak referred to the Finance Ministry's May 12, 2017 notification, which said that if confiscated specified bank notes are returned by the court, the person is entitled to deposit or exchange them on production of the court order.What happens to old notes after demonetisation?
After demonetisation, old Rs 500 and Rs 1000 currency notes were deposited under the Reserve Bank of India (RBI)'s supervision. Instead, new notes of equal value were given to people and today new 500 and 2000 notes are in circulation, as well as new notes of 20, 100 and 50.Can I still exchange old 1000 notes?
The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings will necessarily have to be deposited in bank accounts.Why India Banned 86% of its Currency
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
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