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Showing posts from January, 2017

Demonetization : RBI Chennai NRI deposit

The last couple of months have been very turbulent for Indians as we try to get a grip on the demonetization wave.  While people residing in India seem to have come to an understanding with the new normal, Indians abroad are still confused and trying to make sense of what this means to them and how do they convert/exchange the devalued SBNs (1000 and 500 Rs Notes) with the new ones. I can claim that I am one of the few NRIs who have successfully submitted my old currency notes at RBI and while I wait for the money to be deposited to my account, I wanted to share my experiences that may be helpful for others who are looking for pointers /directives online but don’t find any useful information. I visited RBI Chennai on 18th Jan 2017. I had Rs 18,500 that I carried with me when I landed in India almost a week before. Below, I try to provide as much information as possible. If I commit any mistakes in this post, please help me to correct it by leaving a comment.
I would like to clarify that …