How can Indian students abroad exchange Rs. 500 and Rs. 1000 notes

Right now, the most discussed topic in India is the demonetization of Rs. 500 and Rs. 1000 notes by the Indian govt. The announcement was made suddenly last evening by the Indian PM Narendra Modi informing the citizens about the recall of the currency notes. This led to a lot of panic and confusion among the people who are scrambling to exchange their notes.

The situation is even more confusing for Indian students who are currently studying abroad. Many students going abroad usually carry a few Indian currency notes with them. If you are one of them, what can you do if you are not going to visit India before 31^st March 2017?

Those of you who have cash on hand but will not be returning before your academic session is over can convert up to Rs. 5000 to foreign currency at the airport exchange counters within 72 hours of the announcement. However, you will have to provide proof of purchasing the specified bank notes.

You can get the foreign currency changed into Indian rupees again once you return to India, but it is likely that you will lose money during the exchanges.

On the other hand, if you have cash money in India, you can authorize someone living in India to exchange the notes on your behalf by writing an authorization letter to get the notes deposited into your bank account. The authorized person will then go to the bank with an identity card and the permission letter you wrote.

Things to keep in mind –

• All banks will remain closed to public on 9th November 2016
• All ATM will not function on 9th and 10th November 2016
• Deposit the notes at banks or post offices from 10th November to 30th December
• Exchange the notes at a bank or post office till 24th November up to the limit of Rs. 4000
• While exchanging the notes, take along your Adhaar Card and PAN card
• After 30^th December, the notes can be exchanged only at RBI specified offices