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  Canada Immigration Forum > General > Our Native Country! > Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !
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Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !




RBO
Senior Desi
Member since: Aug 06




Posts: 1740
Location: Mississauaga


Just received e-mail copy from ICICI bank...see below might help one of you


Dear xxxxxx xxxxxxxx

Greetings from ICICI Bank NRI Services.

With effect from midnight of November 8, 2016, the Government of India has withdrawn all Old Higher Denomination (OHD) bank notes of Rs. 500 and Rs. 1,000. In lieu of this, all ATMs have been closed for operations between November 9 and November 10, 2016.

Please note that OHD bank notes can be exchanged or deposited into NRO A/c at bank branches in India only. In-case you do not have an NRO account you can open an additional NRO account by calling our 24x7 customer care or by logging into Internet Banking.

You can use Internet Banking, Debit Card, NEFT, RTGS, or any other electronic / non-cash mode of payment for your transactions.

Click here to view the Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the OHD Bank Notes.

https://www.icicibank.com/nri-banking/faq/accounts-and-deposits/withdrawal-of-bank-notes-faqs.page?

Click here for important information regarding charges and branch timings in India.

Looking forward to your co-operation in helping us serve you better.


Sincerely,


Bharat Sharma
Head - NRI Services and Global Remittances


all the best...


 
Post ID: 233220 10-11-16 16:37:55
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metallurgy
Desi
Member since: Oct 10




Posts: 72
Location:


no, it will not. I have account with SBI Canada and SBI India( NRE & NRO ). As I mentioned before money should be physically sent to India for exchange with new currency or even deposit to any kind of account.( including NRO)

 
Post ID: 233221 10-11-16 17:00:30
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sguk
Senior Desi
Member since: Mar 09




Posts: 327
Location:


I called Indian consulate, they have no idea. Told me to wait it next week. Suggest everybody call them everyday.

Where are Modi fans ?? Those same people who fooled us .

Quote:
Originally posted by futureguy

Quote:
Originally posted by nishant3112

Quote:
Originally posted by metallurgy

I just visited SBI Canada , Mississauga branch. Lots of people with same enquiry. They accept funds only in CAD or USD. Also they do not provide any kind of currency exchange. Only option is to send money physically to India somehow before March 31st 2017. One person can legally import 25000 rupees worth of Indian currency notes according to RBI.



Will it make a difference if you have an account with SBI in India? What about opening a new NRO account as someone just mentioned here



Won't make any difference. Whether you have a SBI or ICICI regular resident account in India, whether you have a NRO or NRE account either existing or opening a new one.

They will not take physical i.e cash in Indian Currency in Canada.

RBI and Modi and Indian gov has screwed lot of legal and honest NRI's . They relaxed the rules so you could legally take upto Rs. 25,000 per person in cash in Indian Rs. Abroad. They only relaxed the rules in last 2-3 yrs.

Before that it was only Rs. 5,000 that too only for Indian residents going abroad for temporary work and tourist. NRI's, OCI's etc were allowed ZERO cash in and out ! Then they relaxed the rule to Rs. 25,000 and included even NRI's, OCI's in it. Now this !!

And now you are stuck with this money ! Unless you can somehow physically take it back to India before the deadline.





 
Post ID: 233226 10-11-16 18:33:47
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zindabad
Senior Desi
Member since: Sep 12




Posts: 266
Location:


No need to get panic in terms of what will they do with their existing rupees notes of 500 or 1000. Please visit local SBI or ICICI branches and they will exchange your existing notes. Call them before you visit them. You will be given 2 options of either converting them into dollars or transfer to Indian bank account. Please keep your PAN number with you.

State Bank of India

1) 248 Queen St E, Brampton, ON L6V 1B9 - (905) 874-7186
2) Suite 100, 1450 Meyerside Dr, Mississauga, ON L5T 2N5 - (905) 565-8959
3) Suite 1600, North Tower, Royal Bank Plaza, 200 Bay St, Toronto, ON M5J 2J2 - (416) 865-0414
4) 3471 Sheppard Ave E, Scarborough, ON M1T 3K5 - (416) 754-0039

Further information will be available on Website from Friday.

http://www.sbicanada.com/
https://www.onlinesbi.com/

Thank you

Courtesy: Team OVBI Canada


 
Post ID: 233228 10-11-16 21:06:51
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Chamgadad
Junior Desi
Member since: Sep 12




Posts: 28
Location:


finally NRIs have realized how much a "visionary" this rascal is. Of course he is not in India anymore, who can face seeing 70-80 years old, poor mothers desperately trying to change their 2-3 currency notes and being turned down due to lack of IDs

Quote:
Originally posted by sguk

I called Indian consulate, they have no idea. Told me to wait it next week. Suggest everybody call them everyday.

Where are Modi fans ?? Those same people who fooled us .

Quote:
Originally posted by futureguy






 
Last edited by: Chamgadad on 10-11-16 21:34:21
Post ID: 233229 10-11-16 21:33:48
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sguk
Senior Desi
Member since: Mar 09




Posts: 327
Location:


All lies by Modi supporters. Like feku, they also lie.

I also personally visited both SBI & ICICI. They both claim to be Canadian banks and proclaim they have no idea.

And here their supporters fool us.

Quote:
Originally posted by zindabad

No need to get panic in terms of what will they do with their existing rupees notes of 500 or 1000. Please visit local SBI or ICICI branches and they will exchange your existing notes. Call them before you visit them. You will be given 2 options of either converting them into dollars or transfer to Indian bank account. Please keep your PAN number with you.

State Bank of India

1) 248 Queen St E, Brampton, ON L6V 1B9 - (905) 874-7186
2) Suite 100, 1450 Meyerside Dr, Mississauga, ON L5T 2N5 - (905) 565-8959
3) Suite 1600, North Tower, Royal Bank Plaza, 200 Bay St, Toronto, ON M5J 2J2 - (416) 865-0414
4) 3471 Sheppard Ave E, Scarborough, ON M1T 3K5 - (416) 754-0039

Further information will be available on Website from Friday.

http://www.sbicanada.com/
https://www.onlinesbi.com/

Thank you

Courtesy: Team OVBI Canada





 
Post ID: 233230 10-11-16 21:51:42
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sguk
Senior Desi
Member since: Mar 09




Posts: 327
Location:


So True. Now we see the true face.

Quote:
Originally posted by Chamgadad

finally NRIs have realized how much a "visionary" this rascal is. Of course he is not in India anymore, who can face seeing 70-80 years old, poor mothers desperately trying to change their 2-3 currency notes and being turned down due to lack of IDs

Quote:
Originally posted by sguk

I called Indian consulate, they have no idea. Told me to wait it next week. Suggest everybody call them everyday.

Where are Modi fans ?? Those same people who fooled us .

Quote:
Originally posted by futureguy


:(


 
Post ID: 233231 10-11-16 21:55:11
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zindabad
Senior Desi
Member since: Sep 12




Posts: 266
Location:


*500/1000*
*IMPACT ANALYSIS*

Brief Note
⬇⬇⬇
*Major impact on property & land prices betwn.20% to 50% downward correction can be expected 🔜 in next 3 to 9 months

*Big Boost for Stock & Commodity markets

*Fall in Jewellery and Gold sales

*Fall in Used Car market segment

*All types of Cash based transaction business will be impacted in a big way

*Very positive impact on Indian economic growth

*GDP expected to jump by 30-40% in next 18months

*Growth rate of the economy will touch appx.12%pa by March 2018 as the parallel black economy integrates with our current white GDP

*Boost to GST implementation

*Well connected decision by Govt.

*Corporate Tax rate could fall from 35 to 25%
And
Individual Tax rate from 30% to 20% by
March 2019

*Overall Tax Compliance and Collection will jump by 40-50% as Tax Base & Depth both will widen

*Strong deterence to corruption and bribes


*OVERALL A VERY GOOD & POSITIVE MOVE


 
Post ID: 233236 11-11-16 10:43:58
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Chamgadad
Junior Desi
Member since: Sep 12




Posts: 28
Location:


Has anyone found any way out of this bloody mess yet?
Looks like we will end up losing whatever little money we have kept for convenience of not changing it at airports.
If the Indian govt HAD slightest care for NRI population thy could have easily instructed the overseas consulates and embassies to accept old notes for exchange but who gives a damn to fools like us?
Accorfing to this site some U.K. Official hinted at something like it. It it is not from Indian govt
http://nriindiancurrency.info/2016/11/11/nris-to-get-help-in-exchanging-banned-indian-currency/

What a way to ruin nnocent helpless people's lives while flying away To other countries


 
Post ID: 233237 11-11-16 11:20:43
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Delhite
Senior Desi
Member since: Nov 04




Posts: 930
Location: Brampton


Quote:
Originally posted by zindabad

*500/1000*
*IMPACT ANALYSIS*

Brief Note
⬇⬇⬇
*Major impact on property & land prices betwn.20% to 50% downward correction can be expected 🔜 in next 3 to 9 months

*Big Boost for Stock & Commodity markets

*Fall in Jewellery and Gold sales

*Fall in Used Car market segment

*All types of Cash based transaction business will be impacted in a big way

*Very positive impact on Indian economic growth

*GDP expected to jump by 30-40% in next 18months

*Growth rate of the economy will touch appx.12%pa by March 2018 as the parallel black economy integrates with our current white GDP

*Boost to GST implementation

*Well connected decision by Govt.

*Corporate Tax rate could fall from 35 to 25%
And
Individual Tax rate from 30% to 20% by
March 2019

*Overall Tax Compliance and Collection will jump by 40-50% as Tax Base & Depth both will widen

*Strong deterence to corruption and bribes


*OVERALL A VERY GOOD & POSITIVE MOVE



Please have some facts/logic behind what you have posted. Think analytically and explain how.....

*Fall in Jewellery and Gold sales - In my opinion, there will be rise in gold sale because from now onwards, the corrupt people will prefer to keep their black money in gold.

*All types of Cash based transaction business will be impacted in a big way - I don't see any impact to the cash based transaction business. The govt has facilitated them with a higher domination note of 2K so this type of business will boom further.

*GDP expected to jump by 30-40% in next 18months - Do you understand the meaning of GDP? Do you expect the production and consumption of goods and/or services will increase by 30-40%? I read somewhere that the black money in domestic market is NOT as bad as moving that money to overseas. If a corrupt person earned the black money and spend it in the domestic market, he is adding it to the economy. In current scenario, when the pool of his black money is gone, he will start gathering it again and will not spend as much as he was spending before so the consumption of goods and services will reduce in the coming months.

*Strong deterrence to corruption and bribes - how? The new 2K currency note introduction will make is easy for the corrupt. Now the corrupt will less rely on currency notes and will find other ways to convert. It may increase the outflow to overseas tax heavens.

The govt will be able to shred its liability in short term. Otherwise I don't see any strong policy to curb the corruption. The new upcoming bill to exclude the govt. employees from any vigilance agency's probe will further fuel the corruption. Just wait for few months and watch.
http://www.deccanchronicle.com/nation/current-affairs/130916/cbi-must-take-approval-before-probing-serving-retired-public-servants-govt.html
http://indianexpress.com/article/india/india-news-india/dopt-cbi-civil-servants-inquiry-3029204/

Personally I like this initiative but it should be supported by other anti corruption measurements, which are totally missing. It will definitely impact the upcoming election for few parties.

-----------------------------------------------------------------
A Delhite in Toronto

 
Last edited by: Delhite on 11-11-16 11:58:00
Post ID: 233238 11-11-16 11:53:31
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