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Regarding 'Provision of Exchange Facility', this notification states that the old de-monetised notes can be exchanged at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks for a period up to and including the 30th December,subject to the following condition: This implies that the limit of Rs per person is at one time exchange allowed till this decision is reviewed 15 days from November 8 i.

However, quite obviously this rule is being currently circumvented by people visiting branches of different banks with the same ID proof or with different ID proofs. It appears unlikely that given the short time at their disposal and the current pressure of work bank officials would be able to cross check with branches of other banks.

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Withdrawal from ATMs shall be restricted to Rs 2, per day per card up to 18th November, and the limit shall be raised to Rs 4, per day per card from 19th November, Quite obviously, RBI has restricted the exchange of notes to Rs per person till further review.

Since all the instructions regarding withdrawal from ATM and savings account have been specified for per day, it has been inadvertently assumed that exchange of old notes worth Rs 4, limit is also per day. India waits in long queues of 5. New Delhi 11 Nov, Nashik 11 Nov, Ranchi 11 Nov, Kochi 11 Nov, Chennai 11 Nov, Read more on Rs Don't Cry When Yo. Zaira Wasim molestation row: Mumbai Police arrests accused. Mutual fund portfolios for first-time investors.

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  1. The idea is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency. There are no precise figures available but experts say the.:
    Tourists with leftover notes can exchange up to 5, rupees' worth at airport exchange counters by the Friday deadline, according to the RBI guidance. M&S Bank is advising customers: "Indian rupees cannot be taken in or out of India, therefore we wouldn't be able to accept them." Travelex, a foreign. India's Finance Minister Arun Jaitley says "honest people" have no need to worry about decision to scrap and rupee notes. Government guidelines say it is possible to exchange 4, rupees - but it is not clear if this is per day or in total. If there is a legitimate explanation for the cash, the. Exporters cannot bring in enough dollars; in fact, they keep their foreign earnings abroad as they expect the rupee to fall further. Meanwhile, foreign investors increase the demand for dollars as they convert their rupee assets into dollars to take their money out. This demand-supply gap between the dollar.
  2. In this article, we will see through the history of different factors resulted in the two time devaluation of Indian rupee since Independence, current Dollar vs. Indian rupee conversion and forecast of Dollar vs. Indian rupee conversion for Journey of Indian rupee since independence in Though at.:
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He said the move would "cause some hardship" but asked people to "ignore" it, calling the step a "celebration of honesty". Ideas from India to use and abuse redundant cash. The India currency bombshell. People will be able to exchange their old notes for new ones at banks over the next 50 days but they stopped being legal tender at midnight on Tuesday. There are also going to be limits on cash withdrawals from ATMs starting on Thursday. The move is designed to lock out money that is unaccounted for - known as "black money" - which may have been acquired corruptly, or be being withheld from the tax authorities.

Finance Secretary Shaktikant Das warned people with large amounts of hidden cash that banks would closely monitor the exchange of old notes for new ones. The and 1, rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. People will be able to exchange their money at banks between 10 November and 30 December.

The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.

An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash. Government guidelines say it is possible to exchange 4, rupees - but it is not clear if this is per day or in total. If there is a legitimate explanation for the cash, the authorities say, it will be possible to exchange it.

Do you have and 1, rupee bank notes that will need to be changed? Get in touch and email haveyoursay bbc. Email your pictures to yourpics bbc. Read our terms and conditions. If you are happy to be contacted by a BBC journalist please leave a telephone number that we can contact you on. In some cases a selection of your comments will be published, displaying your name as you provide it and location, unless you state otherwise. Your contact details will never be published.

When sending us pictures, video or eyewitness accounts at no time should you endanger yourself or others, take any unnecessary risks or infringe any laws. Please ensure you have read the terms and conditions. Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis.

In this scenario, most foreigners as well as Indians tend to take money abroad, or keep it away from India. Global investors are also nervous about investing abroad in nations such as India due to the economic crisis in their respective countries. The Reserve Bank of India's bid to sell dollars in the open market to restrict the rupee slide has failed in the past few weeks and months. Once currency traders and speculators realise that India's central bank is unable to manage its exchange rate, and reduce the adverse impact on its currency, they may enter the market in a big way to sell the rupee.

Experts, who a few weeks ago predicted that the Indian currency might stabilise at 55 rupees to the dollar, now say this may happen at 60 rupees. Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis. Continue Change settings Find out more. Here are six main reasons for the steady slump in the value of India's currency: More on this story.

Indian rupee plummets to historic low against dollar. India attempts to prop up rupee. Reserve Bank of India steps in to boost Indian rupee. Reserve Bank of India.

Top Stories Yemen rebels fire missile at Riyadh Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis. Why you can trust BBC News. UK Home England N. Ireland Scotland Wales Politics.

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Experts, who a few weeks ago predicted that the Indian currency might stabilise at 55 rupees to the dollar, now say this may happen at 60 rupees. Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis. Continue Change settings Find out more. Here are six main reasons for the steady slump in the value of India's currency: More on this story. Indian rupee plummets to historic low against dollar.

India attempts to prop up rupee. Reserve Bank of India steps in to boost Indian rupee. Reserve Bank of India. Top Stories Yemen rebels fire missile at Riyadh Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis. Why you can trust BBC News. The idea is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.

There are no precise figures available but experts say the government's move could be "a very powerful measure" to curb "black money". IIFL Holdings Ltd Chairman Nirmal Jain told Bloomberg that it will have "a deflationary impact in general and more specifically on real estate prices - making homes affordable".

An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash.

Government guidelines say it is possible to exchange 4, rupees - but it is not clear if this is per day or in total. Critics say the new rules may make it especially difficult for people who choose to keep their cash at home rather than in a bank account and for people with large rupee cash reserves who live abroad. If there is a legitimate explanation for the cash, the authorities say, it will be possible to exchange it.

Cash points will close on Wednesday and in some places also on Thursday - a development that it seems may cause cash blockages or queues at ATMs. It's a bold step because many people who voted for Mr Modi were small traders who overwhelmingly did their business in cash. Our correspondent says these are people who probably do have a few hundred thousand rupees - a few thousand dollars - stored under their beds and will have problems when they turn up in the bank on Thursday trying to change their money.

Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis. Continue Change settings Find out more. India scraps and 1, rupee bank notes overnight 9 November Banks will be closed on Wednesday and ATM machines will not be working.

Media playback is unsupported on your device. More on this story. Enter otp to verify your account. The world is full of amazing things. What do you want to explore next? Hornbill Festival And Life in The Folk Tales of Sikh Heritag Sondhi Sondhi Mitti ki Khushbo The Folk Tales of Lahaul and S Monsoon Green and tea plantati The Writer's Retreat 6. Chopta Tungnath Chandrashila T

Muhammad Mahmoud

We and our partners also use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the BBC website. However, you can change your cookie settings at any time. These are external links and will open in a new window. British banks are generally not accepting the notes and technically, they should not leave the country. One of the clearest options for overseas Indians is to travel back to India to exchange the notes in person.

They stopped being legal tender at midnight on Tuesday as part of a government crackdown on corruption. Indians will be able to exchange their old notes for new ones at the country's banks until 30 December. The Reserve Bank of India RBI said Indians could deposit them in their non-resident ordinary rupee accounts, a type of bank account where people living abroad park income earned in India.

Foreign tourists have been advised by the Indian central bank they have until midnight on Friday to exchange the discontinued currency at airports. Ankeet, a 40 year-old currency trader from London, told the BBC he had given 2, rupees of his old notes to a cousin flying to India.

He will probably write it off," he added. Tourists with leftover notes can exchange up to 5, rupees' worth at airport exchange counters by the Friday deadline, according to the RBI guidance. Travelex, a foreign exchange company, said on Wednesday that customers with a buyback guarantee from when they purchased the rupees would be able to swap them back. Airports, railway stations and hospitals will only accept them until 11 November. The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India.

The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.

Although India has become an attractive destination which can woo foreign capital as well as money from non-resident citizens, it is not enough to make up for the trade deficit. But uncertainty about India's commitment to economic reforms, retrospective taxes, and policy paralysis within the government have forced foreigners to either postpone their investment decisions, or take money out of Indian stock markets.

The country's current account deficit - a broader measure of the trade deficit - has also ballooned due to the above reasons.

In such a situation, more people tend to sell rupees to buy dollars or any other foreign currency that they require. Exporters cannot bring in enough dollars; in fact, they keep their foreign earnings abroad as they expect the rupee to fall further.

Meanwhile, foreign investors increase the demand for dollars as they convert their rupee assets into dollars to take their money out. Couple this with high inflation due to high food and fuel prices. The rate of inflation may rise this year to double digits if the government is unable to curb its fiscal deficit. In this scenario, most foreigners as well as Indians tend to take money abroad, or keep it away from India. Global investors are also nervous about investing abroad in nations such as India due to the economic crisis in their respective countries.

The Reserve Bank of India's bid to sell dollars in the open market to restrict the rupee slide has failed in the past few weeks and months. Once currency traders and speculators realise that India's central bank is unable to manage its exchange rate, and reduce the adverse impact on its currency, they may enter the market in a big way to sell the rupee.

Experts, who a few weeks ago predicted that the Indian currency might stabilise at 55 rupees to the dollar, now say this may happen at 60 rupees. Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis. Continue Change settings Find out more. Here are six main reasons for the steady slump in the value of India's currency: More on this story.

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This includes cookies from third party social media websites if you visit a page which contains embedded content from social media. Such third party cookies may track your use of the BBC website.

We and our partners also use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the BBC website. However, you can change your cookie settings at any time. These are external links and will open in a new window. Indian Finance Minister Arun Jaitley says "honest people" have no need to worry about a decision to scrap 1, and rupee notes. Mr Jaitley said the move would flush out tax evaders, adding that all old notes deposited in banks would be subjected to tax laws.

The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings. Media described the move variously as a "surgical strike" on tax evaders in the country's overwhelmingly cash-based economy and a "big bang note". Mr Jaitley said that the move would also help India move towards a cashless economy, saying that farmers could "now keep their money in banks".

On Tuesday there were long queues at ATMs as people tried to withdraw rupee notes, which are still legal. The most affected are likely to be small traders, vendors and labourers but newspapers were quick to point out that India's wedding season, due to start in a few days, will also be hit hard. He said the move would "cause some hardship" but asked people to "ignore" it, calling the step a "celebration of honesty". Ideas from India to use and abuse redundant cash.

The India currency bombshell. People will be able to exchange their old notes for new ones at banks over the next 50 days but they stopped being legal tender at midnight on Tuesday. There are also going to be limits on cash withdrawals from ATMs starting on Thursday. The move is designed to lock out money that is unaccounted for - known as "black money" - which may have been acquired corruptly, or be being withheld from the tax authorities.

Finance Secretary Shaktikant Das warned people with large amounts of hidden cash that banks would closely monitor the exchange of old notes for new ones.

The and 1, rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations and hospitals will only accept them until 11 November. People will be able to exchange their money at banks between 10 November and 30 December. The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India. The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.

Indians will be able to exchange their old notes for new ones at the country's banks until 30 December. The Reserve Bank of India RBI said Indians could deposit them in their non-resident ordinary rupee accounts, a type of bank account where people living abroad park income earned in India. Foreign tourists have been advised by the Indian central bank they have until midnight on Friday to exchange the discontinued currency at airports.

Ankeet, a 40 year-old currency trader from London, told the BBC he had given 2, rupees of his old notes to a cousin flying to India. He will probably write it off," he added. Tourists with leftover notes can exchange up to 5, rupees' worth at airport exchange counters by the Friday deadline, according to the RBI guidance. Travelex, a foreign exchange company, said on Wednesday that customers with a buyback guarantee from when they purchased the rupees would be able to swap them back.

Airports, railway stations and hospitals will only accept them until 11 November. The actual figure is unclear but correspondents say the issue of "black money" is a huge problem in India.

The idea here is to lock out money that is unaccounted for and make it visible for tax purposes - banks will be happy to exchange a few thousand rupees, but will be asking questions of those who turn up with hundreds of thousands or millions in currency.

An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash. Government guidelines say it is possible to exchange up to 4, rupees per day up to 24 November. People can also withdraw up to 10, rupees from a bank per day and a maximum of 20, rupees per week. Saudi Arabia says it has intercepted a ballistic missile fired towards the capital by the Houthis.

Continue Change settings Find out more. Holders of notes abroad face tough battle 10 November More on this story.

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54 rows · This currency rates table lets you compare an amount in Indian Rupee to all other currencies. USD to INR currency converter. Get live exchange rates for United States Dollar to India Rupee. Use XE's free calculator to convert foreign currencies and precious. Current exchange rate US DOLLAR (USD) to INDIAN RUPEE (INR) including currency converter, buying & selling rate and historical conversion chart.

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Per dollar exchange rates equals to 102 rupees