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Wednesday, May 22, 2024

Indian rupees: Holders of notes abroad face tough battle

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. 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. 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.

To read more about this story click on this link: BBC News