Indian rupee notes cancelled.

Voyager2002

JohnRo wrote: »

Does anyone know what the UK equivalent of these notes would be in cost of living terms? I'm just interested and can't face trawling the net.

The sort of person who earns minimum wage here would get Rs500 there for a day's work. Even a junior academic, qualified with a PhD, could be on Rs1,000 per day or a bit more (although a professional salary comes with fringe benefits so the comparison is more difficult).

When I had a new dental crown made and fitted by a fashionable dentist (two appointments), the total price was about Rs4,000.

Pollycat

Reading the many posts on the TA Goa forum, the situation is dire - and is getting worse, not better although there have been a few reports of the new 500 rupee notes being delivered to banks.

eDicky

It is a bold move by the Indian government, and of course had to be a complete surprise to be effective. Any substantial preparations to replace old notes with new in bulk and recalibrate the ATMs would have certainly compromised the surprise element and defeated the purpose (or worse). Even the idea of being actually involved in the resulting current situation is a nightmare, with such a staggering volume of desperate people and banknote processing, but hopefully it will gradually ease.

Ballard

Londoner_1 wrote: »

We have 40k, going in Dec so will be banking them straight.

If you're a tourist I suspect that you may have a little difficulty but I hope that I'm wrong.

From the rbi website https://www.rbi.org.in/:

24. I am a foreign tourist, I have these notes. What should I do?
You can purchase foreign exchange equivalent to ₹5000 using these Specified Bank Notes at airport exchange counters till November 14, 2016 provided you present proof of purchasing the Specified Bank Notes.

I'm flying out next Saturday and am hoping that I'll be able to exchange currency fairly easily by then. I'm going a bit off the beaten track once there so will need to convert most of it upon arrival in Kolkata.

Ballard

JohnRo wrote: »

Imagine the UK cancelling £5 and £10 notes, to disrupt the black market.

Does anyone know what the UK equivalent of these notes would be in cost of living terms? I'm just interested and can't face trawling the net.

It doesn't sound as though they're high value notes but getting change for a ₹500 note can be difficult and buying something smallish with a ₹1,000 note is generally met with incredulity. When I exchange my cash next week I don't want to get too many of the new ₹2,000 notes as heaven knows how you're supposed to use them.

Pollycat

Ballard wrote: »

It doesn't sound as though they're high value notes but getting change for a ₹500 note can be difficult and buying something smallish with a ₹1,000 note is generally met with incredulity. When I exchange my cash next week I don't want to get too many ofthe new ₹2,000 notesas heaven knows how you're supposed to use them.

I've read reports on TA that the 500 rupee note won't be available until 2017 - no idea if that is based on fact or not.

Also reports of empty ATMs but that is on the Goa TA board, no idea what the situation is in the rest of India.

Statement from the Foreign Office:

Summary - existing 500 and 1,000 Rupee banknotes have been withdrawn from immediate circulation; banks reopened on 10 November and will exchange these notes for lower denominations up to a limit of Rs 4000 per transaction until 24 November; if you’re exchanging money at a bank, take photo ID and expect long queues; some ATMs are operational but withdrawals are limited to 2000 Rupees per card, per day until 18 November; arrangements are in place at international airports for arriving and departing passengers who have old 500 or 1,000 Rupee notes of not more than 5,000 Rupees; foreign tourists will be able to exchange foreign currency or old notes of not more than 5000 Rupees into legal tender; new 500 and 2,000 rupee notes will be issued to replace the withdrawn notes; until then, if you’re exchanging money don’t accept any denomination higher than 100 rupees

https://www.gov.uk/foreign-travel-advice/india

Ballard

I have changed cash previously and received the whole lot in ₹100 notes which is the most useful option but the wad was about 4 or 5 inches thick with a massive staple through them. Not ideal to carry around.

Londoner_1

Ballard wrote: »

If you're a tourist I suspect that you may have a little difficulty but I hope that I'm wrong.

From the rbi website https://www.rbi.org.in/:





I'm flying out next Saturday and am hoping that I'll be able to exchange currency fairly easily by then. I'm going a bit off the beaten track once there so will need to convert most of it upon arrival in Kolkata.

Will be handing them to friends to bank when i get there.

Voyager2002

Apparently three people so far are known to have died while queuing to exchange bank notes.
http://www.huffingtonpost.in/2016/11/11/73-year-old-dies-waiting-in-queue-to-exchange-discontinued-curre/

konark

Many poorer people who don't have bank accounts but have a stash of rupees in the Godrej will be wiped out, there have already been suicides.

The price of gold is going through the roof as people try to switch their black money.

Who will have any faith in the currency when the new notes are introduced, knowing they can be worthless overnight.

The Rs2,000note is pretty useless for general shopping and seems ideal for hoarding, the very thing the Govt wants to stop. The situation now is similar to 20 years ago before the introduction of the Rs1,000 note and when 500s were rare, you came out of the bank with a 6 inch thick wad of 100s and 50s.