Two thumbs up to Modi and Government....very good decision...now lots of black marketers will going to do suicide instead of farmers..

Jai Hind....

I have some pocket change (20k Rs) from my last visit to India. Have a plan for next year but am I in trouble, in terms of being able to exchange these notes when I arrive there? Any hints? Anyway this exchange can be done here? I am aware that there is an SBI and ICICI in Toronto.

In terms of volume in circulation, India being relatively huge economy, do they really expect the entire populace to exchange their bills in 50 measly days? Sounds pretty tough. Anybody has a clue as to the volume of these 500 and 1000 rs notes in circulation?

As per the announcement by the government people can deposit any amount of money in their bank account, no need to exchange and later on they can withdraw as per the withdrawal limits.

As far as people like us ( living abroad ) can exchange old notes of 500 and 1000 Rs with new notes on Airport upon arrival up to 5000 Rupees.

Very good step, indeed. Support it highly.

On the other hand though, would it suppress corruption, which needs to be seen. Officials would now demand bribes using other ways or in the currency in circulation. As soon as it trades hands, the money could get out of the country to the safe havens or converted into Gold/Real Estate at home or abroad/Farms due to the fear of something like this step could be initiated again. Keeping droves of cash at home would be things of the past.

I checked all the banks including SBI, icici bank, TD , CIBC, bureau all said no.

Not a terrorist, black money etc but don't hail this move.

Until now was Jai Ho Modi, now I call on SIMMI, ISIS etc to help us. We don't need Modi. This guy is worst enemy of ordinary people. Jai Hindi.

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Originally posted by GlobalIndian

I have some pocket change (20k Rs) from my last visit to India. Have a plan for next year but am I in trouble, in terms of being able to exchange these notes when I arrive there? Any hints? Anyway this exchange can be done here? I am aware that there is an SBI and ICICI in Toronto.

In terms of volume in circulation, India being relatively huge economy, do they really expect the entire populace to exchange their bills in 50 measly days? Sounds pretty tough. Anybody has a clue as to the volume of these 500 and 1000 rs notes in circulation?

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I appreciate this move. It will help in checking the domestic black money and the petty black marketers to some extent. How much of their black money people keep in cash ? hardly 5%. Mostly they invest in real estate or in gold. Govt should think of some innovative solution to put some control on the source of corruption and black money generators to have some real impact. Anyway, something is better than nothing.

The upcoming election will show the real impact of this step. Let?s see if the political parties still spend like they did in the past or not.

To discourage the paper currency, the govt should not introduce the 2K notes. It may again become the mode of big transactions. Another side effect of this this step could be further fall in real estate market in India.

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A Delhite in Toronto

Look you can buy Indian currency outside of India in Forex bureau & banks. People buy them when rate is good.

This is not illegal money. Modi should understand this. Allow Indian origin ppl to deposit money & get new notes.

Regarding breaking of law - Modi himself has broken too many. We all know which ones.

Now I don't like Modi. Tomorrow, he will seize all your Gold & Money in accounts. Wait for this. This guy is worse than Trump

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Originally posted by futureguy

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Originally posted by sguk

I checked all the banks including SBI, icici bank, TD , CIBC, bureau all said no.

Not a terrorist, black money etc but don't hail this move.

Until now was Jai Ho Modi, now I call on SIMMI, ISIS etc to help us. We don't need Modi. This guy is worst enemy of ordinary people. Jai Hindi.

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Why did you take Indian Rs. In Cash, Out of India ? You can't blame Modi for that, can you ? You broke the Indian law, irrespective of whether its black money, terrorist money or not ? Now you got caught.

The law is clear NO Indian currency ( Rs. In cash ) can be taken in or out of India by NRI's, OCI's, PIO's or Foreigners.

We complain about corruption, bribes, no law and order in India, but are more than happy to break the same laws, when it suits us. We have a Chaltaa hain attitude, when it comes to India, and then Crib when something good is actually done in India, as it affects us now.

If Canada had a similar law that NO Canadian $ in cash ,can be taken out of Canada, would you have the same guts to break the Cad law and take money out of Canada in cash ?
Watch what CBSA will do to you. They will not only confiscate all your money, you will go to jail too.

Only a token amount of Rs. 5,000 is allowed to be taken out of India, that too only for Indian Residents.

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