{"id":1301,"date":"2016-11-30T11:45:00","date_gmt":"2016-11-30T11:45:00","guid":{"rendered":"https:\/\/www.testserver.eminenture.co.in\/test\/services2nri-new\/blog\/?p=1301"},"modified":"2024-08-16T06:55:50","modified_gmt":"2024-08-16T06:55:50","slug":"nris-ocis-can-exchange-currency-notes-rs-500-1000","status":"publish","type":"post","link":"https:\/\/www.services2nri.com\/blog\/nris-ocis-can-exchange-currency-notes-rs-500-1000\/","title":{"rendered":"How NRIs, OCIs Can Exchange Currency Notes of Rs. 500 & 1000?"},"content":{"rendered":"\n

Currency Notes of Rupees 500 & 1000 \u2018Banned\u2019!<\/strong><\/p>\n\n\n\n

Non-residents of India (NRIs), Person of Indian Origin (PIO) and Overseas Citizen of India (OCI) must be at unrest these days. The sudden declamation from PM Narendra Modi<\/a><\/strong> interprets that denomination of INR 500 and INR 1000 would no more be a legal tender since 9th<\/sup> November, 2016.<\/p>\n\n\n\n\n\n\n\n

The Indian diaspora abroad is in critical situation. Withdrawal of funds has been strictly restricted to INR 20,000 per week for it. Moreover, only INR 5000 can be exchanged from foreign exchange counter at airport<\/strong>.<\/p>\n\n\n\n

\u2018Limit\u2019 for Cash- Deposit!<\/strong><\/p>\n\n\n\n

Those who have parked currency notes of the foretold denomination can deposit as well as exchange from their respective banks. It\u2019s an effort to bring black money in light. Those who have parked Indian currency in abundance at their home must have to either deposit or exchange.<\/p>\n\n\n\n

According to the recent announcement, the funds upto INR 2.5 lakh can be deposited without disclosing its source<\/strong>. It would be considered as white money. But if the depositing amount exceeds this limit, the person must have to disclose its source along. Then only, he\/she shall be exempted from any legal action and penalty.<\/p>\n\n\n\n

\u2018Penalty\u2019 for Parking Black Money<\/strong><\/p>\n\n\n\n

Those who fail to produce source of parking amount shall be penalized under benami law. The quantum of penalty is fixed, i.e. 200% of the unaccounted money. Also, the person can be jailed for one to seven years.<\/p>\n\n\n\n

\u2018Limit\u2019 for Cash-Withdrawal!<\/strong><\/p>\n\n\n\n

Since banks and ATMs are running out of cash, Indian government has decided to frame certain limit for cash withdrawal. A person can fill the withdrawal form worth INR 10,000 and get it easily. But the maximum limit is set, i.e. INR 20,000 from his\/her bank in a week.<\/p>\n\n\n\n

And this limit has been shortened for dispensing amount through ATM kiosks. Only INR 2500 can be dispensed per day by an individual from the ATM of any bank. And if the person withdraws from another bank\u2019s ATM, the limit will be INR 2,000 only. For example, if I am an SBI account holder, I can withdraw INR 2,500 from its kiosk. But if I do the same from HDFC\u2019s kiosk, I can get only INR 2,000.<\/p>\n\n\n\n

Now, 2500 petrol pumps are aligned for catering convenience. People can swipe their SBI card from their swiping machine and take away upto INR 2000 to their home. Very soon, the number of such petrol pumps will be around 20,000.<\/p>\n\n\n\n

\u2018Limit\u2019 for Exchanging Indian Currency Notes<\/strong><\/p>\n\n\n\n

Every person of this origin can exchange old currency note from 9th<\/sup> November, 2016. Like deposit and withdrawing limit, the mount to be exchanged shall not be more than rupees 4,000 per day.<\/p>\n\n\n\n

Steps to Exchange Indian Currency with Foreign Currency:<\/strong><\/p>\n\n\n\n