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How to Exchange Money and Get the New Indian Rupee

People across the country queued up outside banks and ATMs on Thursday to get new currency notes in exchange of Rs 500 and Rs 1000 notes that have been abolished by the government.
Delhi Police have made adequate arrangements to ensure law and order and smooth demonetisation process in the national capital.
Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation, banks will remain open this Saturday and Sunday and its staff will do overtime till 9 pm for the next three days to clear the rush.
The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing.

For NRIs, who have cash on hand, there are some options available to change the old notes:
1. Carry the cash with you to India:
According to a press release by India's Ministry of Finance, one can exchange the old notes till December 30, 2016.
Many non-residential Indians are scheduled to make their trip to India in coming months. You can carry your old notes to India and you will be able to deposit this into banks or post offices till December 30, 2016.
If you are not travelling this year, you can still change them until March 31, 2017 by furnishing ID proof.
2. Use money-exchange in your country:
You could exchange your cash (read old Indian currency notes) at a certified money exchange in your city (this could be commercial private money exchange outlets and your local banks) and change your money into dollars, pounds, or other local currency, and then change it back to rupees when you visit India. You may lose a bit on conversion rate but this is an option, if you are not travelling to India before March 31, 2017.
UPDATE (8pm AEDT, 9th Nov 2016): Certain commercial money exchange outlets have reportedly refused to accept the old 500 and 1000 notes. Kindly check your money-exchange options at your local bank. We will continue to bring you updates as the matter develops.
UPDATE: (12pm AEDT, 10th Nov 2016): Majority of the commercial money exchange outlets have either stopped or halted accepting the old 500 and 1000 rupee Indian notes. We will continue to bring you updates as matter develops.
3. Deposit the old notes in your NRO account:
Reserve Bank of India’s (RBI) website has put our FAQs which states that you can deposit your notes into Non-Resident Ordinary (NRO) Savings Account.
4. Authorise another person in India to deposit the notes:
According to RBI guidelines, if you have old 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 come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

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