Skip to main content

How do NRIs living in US,Canada,Australia,Singapore, Dubai change old Rs 500 and Rs 1000 cash?

In my last article is it possible to exchange old Rs 500 and to Rs 1000 notes overseas I mentioned that currently, it's not possible to change old Indian currencies of Rs 500 and Rs 1000 abroad because neither money exchangers are accepting those notes nor Indian banks at overseas, both public and private are accepting them. So, now the biggest question is how do NRIs living in US/Canada/Australia/Japan/Singapore/HongKong/UAE change their old notes? Are their cash is worthless now? The only way NRI can exchange or change old Rs 500 and Rs 1000 notes is either personally visiting any bank in India or authorizing someone to do the exchange on their behalf by submitting authorization letter and self-attested copy of passport. You should also remember the deadlines, 30th December 2016 and 31st March 2017
Read more »

Comments

Popular posts from this blog

Foreign Bank or Indian Banks? Which offers more interst on NRE Fixed deposts?

Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »

How to Send Money Abroad/Overseas from NRE or Resident Bank Account - [Online Outward Repatriation]

You can send money abroad on your overseas savings account from an NRE account in India. You can do this both online from the comfort of your office or home and offline from any branch of your bank. This is also known as repatriation or outward remittance. Almost all banks in India, both private sectors e.g. HDFC bank, ICICI, Kotak, YESBANK, Citibank, and public sector banks like SBI, Bank of Baroda, Bank of India, and others provide an online facility in their net banking website to transfer money to your overseas account. Read more »

When do NRIs Needs to Pay Income tax In India?

One of the most common doubts among every new NRIs mind is whether they need to file income tax returns in India or not. As I told earlier that it's not mandatory to file an income tax return in India , but now questions come when do NRIs need to file an income tax return in India? When it's mandatory for NRI to file an income tax return in India. I'll try to answer these questions in this article. First thing first, NRI needs to pay tax on any income earned in India Similar to resident taxpayers, the basic tax exemption limit for NRIs are also 2,50,000 for the year 2015-16. Read more »