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Level:
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Notice
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Location:
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India;
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Category:
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Key date
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Last Updated: 09 Nov 2016 09:02 (GMT)
Members in or travelling to India should ensure sufficient access to cash, as all banks will be closed on 9 November and ATM functions will be limited on 9-10 November. The government
announced that existing 500 (US$7.5) and 1,000 rupee (US$15) notes would be withdrawn with effect from 9 November and that new currency notes of 500 and 2,000 rupee (US$30) notes would be introduced with effect from
10 November. All non-cash financial transactions will continue to operate as normal. Airports, government hospitals and railways will accept old notes until 11 November. Old notes can
be deposited or exchanged for new notes at banks and post offices until 30 December.
- Ensure prior access to sufficient currency, as cash availability at ATMs will be affected on 9-10 November.
- Members who have existing 500 and 1,000 rupee notes are advised to check the details above and take necessary steps to minimise inconvenience.
- Liaise with local contacts and refer to the websites of the Ministry of Finance and
Reserve Bank of Indiafor additional information.
- Monitor our travel security alerts on India for related developments.
Details about the replacement of the currency are as follow:
- All banks will remain closed on 9 November.
- All ATMs will not work on 9 November, with some also not functioning on 10 November.
- ATM cash withdrawals will be limited to 2,000 rupees (US$30) per card from 9 to 18 November. The limit will be increased to 4,000 rupees (US$60) with effect from 19 November.
- Over-the-counter cash withdrawals at bank branches are limited to 10,000 rupees (US$150) per day, subject to an overall limit of 20,000 rupees (US$300) per week from 9 to 24 November 2016.
- Existing 500 and 1,000 rupee notes can be deposited or exchanged for new notes at banks and post offices until 30 December with an identification document such as passport. The limit for such exchanges will be 4,000
rupees between 10 November and 24 November, thought this figure will be increased between 25 November and 30 December.
- Foreign tourists and passengers departing or arriving at international airports who have existing 500 or 1,000 rupee notes totalling no more than 5,000 rupees (US$75) will be able to exchange them for new notes or other
legal tender at facilities.
- Existing 500 and 1,000 rupee notes will be accepted until midnight on 11 November at railway stations, government bus and airline ticket counters at airports as well as fuel stations owned by public sector oil companies
and state-owned consumer co-operative stores.
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+1 215 942 8226
Philadelphia, USA
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+33 155 633 155
Paris, France
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+44 208 762 8008
London, UK
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+65 6338 7800
Singapore
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+971 4601 8777
Dubai, UAE
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