Advisory for Indian Nationals in China regarding Demonetisation of Indian Rupee notes 500 and 1000 11/15/2016

Advisory for Indian Nationals in China regarding Demonetisation of Indian Rupee notes 500 and 1000

The Government of India has notified the withdrawal of the legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India after 8th November 2016. In consequence thereof these above Specified Bank Notes cannot be used for transacting business and/or store of value for future usage.

All the above specified banknotes can be deposited in India at the branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI offices upto 30thDecember 2016. After this date, specified bank notes can be deposited only at specified RBI Offices. Please note that specified bank notes cannot be deposited at branches of Indian Banks located in China or Hong Kong.

If you are not in India and have you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to go to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: AadhaarCard, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff). If you are an NRI and hold NRO account, the exchange value can be deposited in your NRO account.

A detailed FAQ as on 14th November 2016 is available at the following link: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119

The Embassy will put out an updated advisory as and when further information is available from Government of India.