What can NRIs do with their old Rs500, Rs1,000 notes?

For the non-resident Indians (NRIs) who keep Indian currency, the move to demonetize Rs500 and Rs1,000 notes may spell hardships. As per the clarification issued by the Reserve Bank of India, the recourse for an NRI is to deposit the specified bank notes (Rs500 and Rs1,000) to his non-resident ordinary rupee (NRO) account. “But what happens if the person doesn’t have the bank branch in her country of residence? And more importantly will the foreign branch accept rupee notes? These are some questions that NRIs will struggle with,”said Gautam Nayak, a chartered accountant. “Also an NRI can’t keep more than Rs25,000 in currency so that also needs to be kept in mind,” he added. According to Jose K. Matthew, head-retail business, Federal Bank Ltd; an NRI cannnot deposit cash in NRO account from a foreign country.

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