Indian Community in Australia

Indian Prime minister Modi has announced that 500 and 1000 rupee banknotes will be withdraw from circulation as part of crackdown on black money. If you are NRI and living overseas you have 4 options to get your old Rs 500 and Rs 1000 notes to be converted.

1. Cash deposit to Indian bank:

 If you are going to India before 30^th December 2016 and you have indian bank account you can deposit while you are in India. If you are travelling between 30^th December 2016 to 30 march 2017 you still can go to RBI specified office with your passport.

2. Money Exchange or local australian banks:

You can go to any money exchange or local Australian bank and convert your old noted into dollars. You should do this 30^th December 2016.  Check with your local money exchange shop to find out more.

3. For NRI with NRO account:

If you have NRO account with any bank suck as SBI or citi bank you can go to their branch and deposit Indian rupees into your account.

4. Authorise your parents or someone to deposit in India on your behalf:

This option is valid only if you have money in India now. As per NRI you may authorise in writing enabling another person to act on your behalf. The person need to go to bank with your authority latter and your ID proof (such as Passport, driving licence, Aadhaar card etc)

I think it is really good step taken by our PM to fight against black money and i am sure all Indians (who does not have black money) are happy with this decision.