Cash in India - current experience

[leadman]

The recent demonetisation of the Indian 500 and 1000 rupee bills have caused a fair bit of mess over here, so those travelling might want to be prepared for long queues to get the new currency. You can only exchange 4000 rupee per day at banks of the old bills for a short period of time, and the line-up at the airport was at least 200 deep last night.

Thought I would go to the ATM this morning in Delhi, forget that, 300-400 people queued at the bank which was not open for another two 2 hours. Last thought was go to the hotel and exchange some foreign, but the hotel had run out of money and was not expecting any for at least 24 hours.

Will see what its like in the next few hours, but I expect the lines to grow

 

[feezable]

Thanks for the update, please keep us informed.

 

[RooFlyer]

Yes, appreciate the advice.

 

[Mal]

ATMs are unreliable in India at the best of times, so this must just be crazy. I wonder if there are any currency delivery services that could be used.

 

[leadman]

Well I found another benefit of being a foreigner, I had the luck of exchanging mine in 45 minutes. But do feel bad for those that are standing there for over 4 hours! I was looking at the lines, see below, and a bank worker saw me and asked did I want to cash some money. I was ushered past all the lines, straight into the bank office and sat at a desk. Really felt sorry for those lined up, as I was sitting down and supplied with tea and bickies! Then the paperwork;

1) fill the form,
2) passport checked by three staff
3) passport copied
4) each bill photocopied
5) all copies signed and countersigned
6) money arrives and sign off the form for the money.
7) walk out bank with a bundle of newly minted 100 rupee bills.

Poor buggers in the line, just for $60!

 

[shan1983]

My partner and I are headed over on 22 December for 3 weeks. Was planning on buying rupee a few days before we left, but a very *kind* relative bought us 19,000 worth of 500 rupee notes a week before this all went down. Needless to say, I am one of millions unimpressed with this sudden change but also understand why it occurred.

I'm hoping that by the time we arrive in the country the lines will be significantly shorter and there will be no limit on exchange at banks!
Currently organising some small denominations of USD as backup.

 

[RooFlyer]

I'm there in a week or so - I'll post a situation report! Actually, I've just asked my tour guy what the situation is, as well.

 

[drron]

 

[shan1983]

I'm there in a week or so - I'll post a situation report! Actually, I've just asked my tour guy what the situation is, as well.

Fantastic! Cheers RooFlyer

 

[leadman]

My partner and I are headed over on 22 December for 3 weeks. Was planning on buying rupee a few days before we left, but a very *kind* relative bought us 19,000 worth of 500 rupee notes a week before this all went down. Needless to say, I am one of millions unimpressed with this sudden change but also understand why it occurred.

I'm hoping that by the time we arrive in the country the lines will be significantly shorter and there will be no limit on exchange at banks!
Currently organising some small denominations of USD as backup.

I've just left Delhi and the situation has not got better. you can only exchange 4,000 rupee at a time and it takes forever to change. I'm fearful that by the time you get over to india you will not be able to change money so I think its worth checking out the government websites to confirm. For $US 19,000 the only way you are going to exchange this is if you put in into a bank account as you will not be able to get cash.

 

[shan1983]

I've just left Delhi and the situation has not got better. you can only exchange 4,000 rupee at a time and it takes forever to change. I'm fearful that by the time you get over to india you will not be able to change money so I think its worth checking out the government websites to confirm. For $US 19,000 the only way you are going to exchange this is if you put in into a bank account as you will not be able to get cash.

Well that's not sounding good!
Just as a correction, it is 19,000 rupee, so roughly $380 AUD. I'd be at panic stations if it were US$19,000!

Oh well, will just play it by ear and see how things go over the next few weeks.

Cheers leadman

 

[RooFlyer]

leadman, what about simply going to an ATM to withdraw local cash using a Citi debit card, for instance? Still long queues? Would you say it would be better to get rupees here in Oz (and pay the fees and FX charges?)

 

[leadman]

leadman, what about simply going to an ATM to withdraw local cash using a Citi debit card, for instance? Still long queues? Would you say it would be better to get rupees here in Oz (and pay the fees and FX charges?)

Sounds logical, but there are number of problems with that; firstly to find an ATM that is not empty (everyone at the airport was empty) and secondly if you do find one that is full you have to line up and can only withdraw 2000 r, which is about $30. Thirdly, they did not have time to calibrate every machine so its been a nightmare that many machines are not working, or stacked with only 100 rupee notes that go fast. Coming into the country you can line up at the Money changers but a lot of them were/are dry so you aske "what is everyone waiting for"?. The Lalit where I was staying did not have any (and I mean ANY as I had 40 rupees in coins I wanted some notes) currency for the 6 days I was there.

 

[leadman]

I do have some 100 rupee notes I might be able to help someone out, not much but will pay the taxi.

 

[leadman]

just an update, had a colleague passing out of Delhi was able to cash a small amount of USD, he said it was a little bit easier, but not much.....

 

[leadman]

Latest update from my Doctor friend in Delhi;
"After thedemonetization, things have eased by now, with lesser crowd in the bank, ATMetc., Another ten days, it should be normal. For small towns, villages,helicopters are being used to transfer money."

 

[shan1983]

Latest update from my Doctor friend in Delhi;
"After thedemonetization, things have eased by now, with lesser crowd in the bank, ATMetc., Another ten days, it should be normal. For small towns, villages,helicopters are being used to transfer money."

Here's hoping!

Thanks for the updates leadman.

 

[shan1983]

Another day, another Indian government change with this currency situation:

The government had at the time allowed a one-time over the counter exchange of 4000 rupees, giving people time till December 30 to deposit the rest of the cash they were holding in bank accounts. The limit for the over-the-counter exchange was lowered to Rs. 2000 last week, amid a massive cash crunch after the demonetisation.

Till December 15, you can still use old 500 rupee notes at:​

• Payment at toll plazas and petrol pumps.​
• Payment of school fees up to Rs. 2,000 per student in central government, state government, municipality and local body schools.​
• Payment of fees in central or state government colleges.​
• Payments towards pre-paid mobile top-up to a limit of Rs. 500 per top-up.​
• Purchases at consumer cooperative stores operated under authorisation of central or state governments with identity proof (Safal, Mother Dairy) up to Rs. 5,000 at a time.​
• Purchases at milk booths under central or state governments.​
• Payment of current and arrear dues to utilities will be limited to only water and electricity.​
• Payments in government hospitals for medical treatment.​
• Use in all pharmacies for buying medicines with doctor's prescription.​
• At railway ticketing counters, bus ticket counters of government or public sector undertakings and airline counters at airports for purchase of tickets.​
• Payments at crematoria and burial grounds.​
• Use at international airports for arriving and departing passengers up to Rs. 5,000.​
• Purchase of LPG gas cylinders.​
• Payments towards on-board catering during travel by rail.​
• Purchase of tickets for suburban and metro rail travel.​
• Purchase of entry tickets monument maintained by the Archaeological Survey of India.​
• Payments towards fees, charges, taxes or penalties, payable to central or state governments including municipal and local bodies.​
• Payments towards utility charges including water and electricity, but no advance payments.​
• Payments towards court fees.​
• Payments towards purchase of seeds from designated state-run outlets.​

I'm now wondering how I will change over my 19,000 rupee when I arrive on 22 December. Previously we had until 30 December to exchange it over.

 

[RooFlyer]

Any information on the situation with FX shops at SIN, or SYD/MEL for that matter?

CBA in Hobart told me today they no longer sell rupees.

 

[daft009]

So many locals over there are hurting with these changes.

These moves were much needed but how they've handled it is ridiculous!

Farmers can't buy fertiliser, can't sell their wares. Milk from cows is going off as buyers don't have cash. It's the poor people who have no black money who are hurting the most who live day to day on cash.

I go over once a year generally so have 10k in rupees sitting at home, let's see what happens in the new year.

They are also finding cash floating in the Ganges, burnt in rubbish bins, so much black undeclared money!