a_f_d

Old notes can be taken to one of the 19 RBI offices until 30th March.
As posted on IM - the modalities as to what they will do with it are still being sorted out - there has been an undertaking that banks/RBI will give 'full value' for old notes; immediately qualified by Income Tax and Enforcement Directorate to say you may have to pay penal tax and other sanctions.

Rupees were always held 'informally' by money changers in the Gulf to cater to all the "Gulfies" who wanted to take cash back to India with them. These dealers will all have caught a cold with demonetisation. Even in Nepal, where the rupee is legal currency, there have so far been no provision for banks/dealers/ govt. depts. to change old notes.

AndyD 8-)₹

prestonjohn

My sister who lives in Calingut says its easy to change foreign curency into Rupees but the exchange rate is very bad and the dealers are exploiting the situation to the hilt.

a_f_d

The only really workable solution is a local bank account - of course lots of long-termers used to have NRO accounts until a couple of years ago when a mis-reading of the rules||piece of chauvinist bloody-mindedness on the part of a senior RBI factoum-ess had all the accounts frozen!

AndyD 8-)₹

scot47

In the West we have become so obsessed with electronic money,. ATMs and plastic that we forget most of the world does not operate that way.

Bipat

But certainly India does operate that way.
The problem is that also there is a lot of 'black money' changing hands. For just one example it is difficult for anyone to sell a non-new build property without accepting some 'black'.
The demonetisation to combat this and corruption was done rather hastily, but concessions have and are being made.

leegrand

Hi John
The best your friends can do is try to get an extra debit card, 2000 a day, go by 7am.and use two, or three cards.
now you got the problem where to change them.
What i have been doing is, buying three bottles wine for 1200 and getting 800 in ones.
spend in restaurant, if they cant give you change ask for I,O,U, and use next time.
ATM opp Ruffles has not ever closed. Good luck.

a_f_d

... bet it does now <g>

... and Lee - why are you helping to empty ATMs?
Why not go to the bank?

cheers

AndyD 8-)₹
P.S. try the new bira 91 white beer - very nice.

prestonjohn

Just received email from friend in Arpora...terrible news re exchange rates.She said that the black market rates are 70 Rupees to the pound and ATMs are charging between 200 to 600 on foreign cards to get 2000 Rupees out, which even to me sounds a little bizarre....She has an Indian Bank account but it takes at least 2 hours to change a check if there are 10 people in front of you but the exchange rates are better.So do i tell my three friends to change as much as possible at Dabolim ? Can anyone please answer that and i will pass on the info.They are staying for 3 months.I would be with them but have just bought a Border Terrier puppy......

jcbrum

The most you can exchange at the airport is the equivalent of 5000 rupees,the crap black market rates seem to be mainly in the c/c/b area here in the south it seems to be around the 80's mark.That's if you can find some with money..


John