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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 !




futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Process of exchange, deposit, withdrawal of - old and new notes, and dates, limits and deadline ,well explained below in a simple and easy to understand chart.

https://mobile.twitter.com/kamaalrkhan/status/796202390768603136/photo/1

Basically remember :

1. 2 dates , Dec 30 and March 31.
2. Banks, Post Office, RBI specified office
3. Various ID's like PAN card, Aadhaar card, Declaration form.

Depending on how much you have and the source, you might need all of the above :)


 
Last edited by: futureguy on 09-11-16 15:29:12
Post ID: 233188 09-11-16 15:10:51
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by nishant3112

Hello Friends,

My mom just arrived from India with any intention to exchange money here. She has 40K...if anyone going to India before Dec 31 and would like to exchange..please let me know

thanks



She can DEPOSIT upto March 31 , 2017 at RBI specified office with proper ID, PAN card, declaration form.

https://mobile.twitter.com/kamaalrkhan/status/796202390768603136/photo/1

Dec 30 , 2016 is the deadline at Banks and Post Office for exchange and Deposit.

Is she going home, before March 31, she should be fine.


 
Post ID: 233189 09-11-16 15:17:45
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by prince_de_canada

Hello Indian friends,

I am from India too.
Today modi has banned 500/1000 rs. bills but still you can exchange till 30th December,2016.

I have 3 bills of 1000 = 3000 INR.

if someone going to India kindly would like to exchange with smaller one or in Canandian dollars because right now I am living in toronto and not any plan going to India this year.



You can DEPOSIT upto March 31 , 2017 at RBI specified office with proper ID, PAN card, declaration form.

https://mobile.twitter.com/kamaalrkhan/status/796202390768603136/photo/1

Dec 30 , 2016 is the deadline at Banks and Post Office for exchange and Deposit.

If you are going home, before March 31, you should be fine.

Dec 30 -Deadline for exchange or Deposit at Banks, Post Office.

March 31 - Deadline for deposit only (no exchange) at RBI specified offices with declaration form and proper ids. So more hassle and red tape and bureaucracy.


 
Post ID: 233190 09-11-16 15:25:08
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nishant3112
Senior Desi
Member since: Apr 08




Posts: 178
Location: Niagara Falls


Quote:
Originally posted by futureguy

Quote:
Originally posted by nishant3112

Hello Friends,

My mom just arrived from India with any intention to exchange money here. She has 40K...if anyone going to India before Dec 31 and would like to exchange..please let me know

thanks



She can DEPOSIT upto March 31 , 2017 at RBI specified office with proper ID, PAN card, declaration form.

https://mobile.twitter.com/kamaalrkhan/status/796202390768603136/photo/1

Dec 30 , 2016 is the deadline at Banks and Post Office for exchange and Deposit.

Is she going home, before March 31, she should be fine.



what if not going until March 31?



 
Post ID: 233193 09-11-16 15:39:57
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Chamgadad
Junior Desi
Member since: Sep 12




Posts: 28
Location:


MOdi is a rascal who pays to the gallery without sparing a thought as to how his reckless actions will affect hundreds of thousands, some of his own well wishers.
First he absolutely ruined the PIO card holders by creating a totally unnecessary convuled process to switch the cards to oci. If pio was to be made valid lifelong why not jus declare it so honour it for life of holder. Instead it's a bloody hell of confusion with each Indian consulate and bls employee having his own explanation.
And now this with zero regard to hardships faced by huge NRI community. If the problem was black money why not allow NRIs the ability to exchange money for a year for a certain limit?
But then again it is so much easier to blame it all on Pakistan!


 
Post ID: 233194 09-11-16 15:59:59
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:


She can DEPOSIT upto March 31 , 2017 at RBI specified office with proper ID, PAN card, declaration form.

https://mobile.twitter.com/kamaalrkhan/status/796202390768603136/photo/1

Dec 30 , 2016 is the deadline at Banks and Post Office for exchange and Deposit.

Is she going home, before March 31, she should be fine.



Quote:

what if not going until March 31?



----------------------------------------------------
Then you are screwed. It will be worthless and like toilet paper. Like one of the banana republics of Africa and their currencies like Zimbabwe :lol:

You will have to find a way to physically send it to India by March 31, 2017. Or by Dec 30, 2016 for less hassle and paperwork.

Or some grey , underground , illegal , unofficial exchanges over here like Havala racket.

But official and legal channels is not possible in Canada. No banks or currency dealers will take INR cash in Canada, that too the old notes.

INR as it is was a very closed currency with lots of restrictions imposed by RBI, Customs, Indian gov. And now its even worse with this new banning of 500 & 1,000.


 
Post ID: 233195 09-11-16 16:14:42
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by Chamgadad

MOdi is a rascal who pays to the gallery without sparing a thought as to how his reckless actions will affect hundreds of thousands, some of his own well wishers.
First he absolutely ruined the PIO card holders by creating a totally unnecessary convuled process to switch the cards to oci. If pio was to be made valid lifelong why not jus declare it so honour it for life of holder. Instead it's a bloody hell of confusion with each Indian consulate and bls employee having his own explanation.
And now this with zero regard to hardships faced by huge NRI community. If the problem was black money why not allow NRIs the ability to exchange money for a year for a certain limit?
But then again it is so much easier to blame it all on Pakistan!



He is basically a dictator under the guise of democracy. Its his way or the highway. Quite Narcisstic too. Selfie PM. A Chaiwallah who became a PM. Blood of Gujarati Muslims on his hands too.

Unfortunately for a corrupt and lawless country like India, we needed someone like him. The others are far far worse than him. We have tried them all, the Lalu Prasad Yadavs, the Mayawatis, the Jayalalithas, the Sharad Pawars, the Sonia Gandhis, the Phoolan Devis, the Manmohan Singhs, the Kejriwals, the Rahula Gandhis. So we might as well stick with MODI, till something better comes along.

Lot of collateral damage does take place due to his high handedness. But for the greater good of India, it might be good in the long run for him to be in power.

Short term sufferings for long term gain.


 
Post ID: 233196 09-11-16 16:23:51
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Ha ha ha ..

According to the Reserve Bank of India, the total outstanding currency in circulation in the Indian economy as on October 28 stood at Rs 17.77 lakh crore.

RBI?s annual report says that out of the total Rs 16.64 lakh crore value of bank notes in circulation as on August 5, 2016, as much as Rs 14.18 lakh crore, or 86.4%, consisted of Rs 500 and Rs 1,000 notes.

In terms of volumes, out of the total 9026.6 crore banknote pieces, 1570.7 crore were Rs 500 notes, while 632.6 crore notes were Rs 1,000 denominated, i.e. about 24.40% of notes.


 
Post ID: 233200 09-11-16 18:07:21
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Why NO new Rs. 1,000 is being introduced ?

What a foolish move. New Rs. 500 being introduced and then directly a new Rs, 2,000 ? , but no new Rs. 1,000.

So they want future black money hoarders to find it easy with higher denomination of Rs. 2,000 ?


 
Post ID: 233201 09-11-16 18:09:46
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sguk
Senior Desi
Member since: Mar 09




Posts: 326
Location:


Yes, BJP group that organized his visit to Toronto .... tell this to PM.

Tell him to come down to earth and listen. No more speeches.

Quote:
Originally posted by Chamgadad

MOdi is a rascal who pays to the gallery without sparing a thought as to how his reckless actions will affect hundreds of thousands, some of his own well wishers.
First he absolutely ruined the PIO card holders by creating a totally unnecessary convuled process to switch the cards to oci. If pio was to be made valid lifelong why not jus declare it so honour it for life of holder. Instead it's a bloody hell of confusion with each Indian consulate and bls employee having his own explanation.
And now this with zero regard to hardships faced by huge NRI community. If the problem was black money why not allow NRIs the ability to exchange money for a year for a certain limit?
But then again it is so much easier to blame it all on Pakistan!





 
Post ID: 233202 09-11-16 22:59:46
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