What can Indians in the UAE do about their Rs.500 and Rs.1,000 notes

By bbaeuser | November 22, 2016

Demonetisation of old currencies

The demonetisation of Rs.500 and Rs.1,000 was a surprise to everyone in India. It didn’t just affect the Indians, it also affected the Resident Indians and expatriates in the UAE. Many non-resident Indians rushed to the closest currency exchange houses to get their Indian currencies exchanged. But, not many exchange houses accepted the currency.

Most NRIs are confused as to what they can do and are afraid that their Indian currency notes have become worthless overnight. That is not really the case, if you are confused as to what you can do with the Indian currency you have, you can take the following steps to preserve the value of the Indian currency:

  • Deposit your Rs.500 and Rs.1,000 notes in your NRO accounts

If you have old high denomination notes of Rs.500 and Rs.1,000, you can deposit them to your NRO accounts. The Indian banks in the UAE are awaiting clarity on this matter. Your banks will inform you about the same when they get further clarification.

  • You can travel to India before December 30

If you are traveling to India before December 30th, you can deposit the money in your bank account. There is no limit on the amount that can be deposited to your own account. If you are depositing above Rs.50,000 you will have to furnish your PAN cards. NRIs are allowed to carry up to Rs.25,000 per person and have it exchanged or deposited in their bank accounts till 30th December, 2016.

  • You can also travel to India after December 30

If you have plans of traveling to India after 30th December, 2016, you can visit the RBI office and get the Indian currency converted. You must have a valid proof and reason for the delay.

  • You can authorize a person to deposit the money in India

If you cannot travel to India in the coming 6 weeks, you can send your money through a person traveling to India. You must send an authorization letter, copy of passport, pan card, etc. along with the entry and exit stamps from and to India. The person can deposit the money on your behalf in your account.

Though there are multiple options available, traveling to India just to deposit the money is not viable for most. Therefore, you can wait till the Indian banks in the UAE get clarification regarding the deposits to your NRO account.

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