In a totally surprising move yesterday, Indian Prime Minister addressed the Indian nation and declared that use of 500 and 1000 INR notes from 9 November 2016, 12:00 am onwards will be illegal as both the notes are being scraped from the Indian economy. This step by the Indian Government is said to be the boldest and most secretive move in the whole history of India and probably its future. In his words he stated –” "Brothers and sisters, to rid this country of the termite-like corruption and black money, it has become essential to take one more tough step. Starting midnight tonight, that is, on the midnight of November 8, 2016, the current currency notes of denominations of rupees 500 and rupees 1,000, will no longer remain legal tender. These currencies will become legally invalid." This came as a shock not only for the Indian nation but also for the Indian community living outside India. NRIs in Australia and all over the world find themselves in a fix as to what they should do with the Indian currency notes of 500 and 1000 that they have with themselves. The answer to this is four small option they can opt for:
  1. Carry the currency notes with you to India in order to get it converted.
  2. Access money changing facility of your city to convert the cash to current country’s currency.
  3. As per RBI’s guidelines NRIs can put in their cash in their NRO savings account.
  4. For those who have cash left in India, they can authorize another close relation to deposit the cash in the bank.
  5. They will need to provide the authority letter as proof along with a valid ID card.