Wednesday, November 9, 2016

Tips for travelers to cope up with the banning of INR 500 and 1000 notes in India

As everyone might already be aware that wef today ie 9th Nov 2016,  INR 500 and INR 1000 notes are not a legal tender anymore and render zero value.This is a masterstroke by PM Modi to curb the menace of black money in India.

So the big question is what to with the INR 500 and INR 1000 notes currently in possession.

Here's what you need to do with your 500 and 1000 rupee notes.
  • Deposit them at the bank or post office from November 10 to December 30
  • Exchange them from a bank or post office till 24 November. The limit for exchange is Rs.4500
  • Take Aadhaar card and PAN Card when you go to exchange notes
  • After December 30, these can be deposited at the Reserve Bank with a declaration
  • Tourists can change the notes at airports
 Your 500 and 1000 rupee notes be accepted till November 11 at:

  • Petrol Pumps and government hospitals
  • Railway, airline, government bus  ticket booking counters
  • Consumer co-operative stores run by state or central government
  • Milk booths authorized by state governments
  • Crematoriums and burial grounds

Here are some of my tips to all my fellow travelers who plan on coming to India in the coming few days/months :

  • Travel Cards - Load a travel card with Indian Rupees and use that for all transactions in hotels, restaurants, malls etc.Card payments are accepted in almost all of Indian cities at majority of places.
  • Get your local currency exchanged to INR at the currency exchange kiosks in your country or in India.Opt for notes with lower denominations of INR 500 and INR 100.You can exchange amount(existing notes) upto INR 5000 into foreign currency at the airports upto 11 Nov 2016.
  • As the ATM withdrawal limit has been capped to INR 2500 per day, opt for values not a multiple of 500 while withdrawing.This way you will get some notes of INR 100 as well which will prove to be very helpful for the daily local transactions.
This is how the new notes of INR 500 and INR 2000 look like.

Got any more such tips in mind for the benefit of the travel community, make sure to leave a comment and I will update the article as needed.