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What Indian expats can do with Rs500 and Rs1,000 notes

11-Nov-2016 :

Dubai: If you are an Indian expat and are wondering what to do with your wads of the just scrapped Rs 500 and Rs 1,000 notes from back home, there is no need to fret.

Money exchanges in the UAE may have stopped accepting Indian currencies of any denomination soon after Indian Prime Minister Narendra Modi announced the demonitisation of Rs500 and Rs1,000 notes on the evening of November 8, but there is a way out to ensure they don’t go waste.

Sudhir Shetty, CEO of UAE Exchange, one of the biggest money exchanges in the UAE, told XPRESS, “Expats have the option of taking the Indian currency notes to any bank in India and either get them exchanged for fresh notes or deposit the money in their accounts till December 30. Non-resident Indians can take up to Rs25,000 at a time.”

He said beyond the December 30 deadline for the surrender of old notes (from November 10), Indian expats can approach specified Reserve Bank of India (RBI) offices across India to do the needful till March 31, 2017. “After March 31 too, there will have to a solution and we expect specific guidelines to be issued going forward.”

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