This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-37938925
The article has changed 8 times. There is an RSS feed of changes available.
| Version 5 | Version 6 |
|---|---|
| Indian rupees: Holders of notes abroad face tough battle | Indian rupees: Holders of notes abroad face tough battle |
| (about 2 hours later) | |
| People outside of India holding discontinued 500 and 1,000-rupee (£6; £12) notes face difficulties exchanging them, BBC research has found. | People outside of India holding discontinued 500 and 1,000-rupee (£6; £12) notes face difficulties exchanging them, BBC research has found. |
| British banks are generally not accepting the notes and technically, they should not leave the country. | British banks are generally not accepting the notes and technically, they should not leave the country. |
| One of the clearest options for overseas Indians is to travel back to India to exchange the notes in person. | One of the clearest options for overseas Indians is to travel back to India to exchange the notes in person. |
| They stopped being legal tender at midnight on Tuesday as part of a government crackdown on corruption. | They stopped being legal tender at midnight on Tuesday as part of a government crackdown on corruption. |
| Indians will be able to exchange their old notes for new ones at the country's banks until 30 December. | Indians will be able to exchange their old notes for new ones at the country's banks until 30 December. |
| The Reserve Bank of India (RBI) said Indians could deposit them in their non-resident ordinary rupee accounts, a type of bank account where people living abroad park income earned in India. | The Reserve Bank of India (RBI) said Indians could deposit them in their non-resident ordinary rupee accounts, a type of bank account where people living abroad park income earned in India. |
| However, this has been complicated by many banks abroad not accepting the notes. | However, this has been complicated by many banks abroad not accepting the notes. |
| Foreign tourists have been advised by the Indian central bank they have until midnight on Friday to exchange the discontinued currency at airports. | Foreign tourists have been advised by the Indian central bank they have until midnight on Friday to exchange the discontinued currency at airports. |
| Ankeet, a 40 year-old currency trader from London, told the BBC he had given 2,000 rupees of his old notes to a cousin flying to India. | |
| "Normally the Bank of India should provide an option, but nothing has come out," he told the BBC's Asian Network. | "Normally the Bank of India should provide an option, but nothing has come out," he told the BBC's Asian Network. |
| "I'm very lucky that I have a relative who's flying tomorrow, so my only option would be essentially to give it to him and ask him to enjoy it," he said. | "I'm very lucky that I have a relative who's flying tomorrow, so my only option would be essentially to give it to him and ask him to enjoy it," he said. |
| "I've got a friend in the US who has close to 50,000 rupees, which is about $10,000. He will probably write it off," he added. | "I've got a friend in the US who has close to 50,000 rupees, which is about $10,000. He will probably write it off," he added. |
| 'Not accepted' | 'Not accepted' |
| The 22 billion banned currency notes represent 85% of the cash in circulation in India, which is an overwhelmingly cash-based economy. | The 22 billion banned currency notes represent 85% of the cash in circulation in India, which is an overwhelmingly cash-based economy. |
| Indian banks ICICI Bank, Punjab National Bank, State Bank of India and Baroda Bank have said they do not handle physical rupees in the UK. | Indian banks ICICI Bank, Punjab National Bank, State Bank of India and Baroda Bank have said they do not handle physical rupees in the UK. |
| Tourists with leftover notes can exchange up to 5,000 rupees' worth at airport exchange counters by the Friday deadline, according to the RBI guidance. | Tourists with leftover notes can exchange up to 5,000 rupees' worth at airport exchange counters by the Friday deadline, according to the RBI guidance. |
| M&S Bank is advising customers: "Indian rupees cannot be taken in or out of India, therefore we wouldn't be able to accept them." | M&S Bank is advising customers: "Indian rupees cannot be taken in or out of India, therefore we wouldn't be able to accept them." |
| Travelex, a foreign exchange company, said on Wednesday that customers with a buyback guarantee from when they purchased the rupees would be able to swap them back. | Travelex, a foreign exchange company, said on Wednesday that customers with a buyback guarantee from when they purchased the rupees would be able to swap them back. |
| How long have people got to change their old notes? | How long have people got to change their old notes? |
| The 500 ($7; £6) and 1,000 ($15; £12) rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. | The 500 ($7; £6) and 1,000 ($15; £12) rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. |
| People will be able to exchange their money at banks between 10 November and 30 December. | People will be able to exchange their money at banks between 10 November and 30 December. |
| How much 'black money' is there in circulation? | How much 'black money' is there in circulation? |
| The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency. | The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency. |
| Is there a limit on the amount an individual or household can cash in? | Is there a limit on the amount an individual or household can cash in? |
| It seems not. An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash. | It seems not. An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash. |
| Government guidelines say it is possible to exchange up to 4,000 rupees per day up to 24 November. People can also withdraw up to 10,000 rupees from a bank per day and a maximum of 20,000 rupees per week. | Government guidelines say it is possible to exchange up to 4,000 rupees per day up to 24 November. People can also withdraw up to 10,000 rupees from a bank per day and a maximum of 20,000 rupees per week. |