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Press Release - following demonetisation of Rs.500/- and Rs.1000/- denomination notes


Press Release

 

Members of the Indian community and travellers to India of other nationalities, may be aware of measures announced by the Government of India on November 8, 2016 to cancel the legal character of old series Indian currency notes of Rs.500/- and Rs.1000/- denominations, with effect from November 9 onward.

2.      Details of the announcement and circulars issued by the Reserve Bank of India (RBI) since November 8, on different aspects of this decision, can be seen at the RBI’s website (www.rbi.org.in). 

3.      However, Indian nationals residing in the Republic of Korea and other nationals travelling to India on business or for tourism, may continue to have questions regarding their personal holdings of Indian currency in the now-cancelled Rs.500/- and Rs.1000/- denominations.  (Note: As per Indian law, the holding of such currency assets by persons outside India, of up to Rs.25,000/-, had been permissible.)  In this regard, a special Task Force comprising relevant departments of the Government of India has been constituted to examine the impact of this decision on the use of Indian notes in India’s neighborhood as well as by overseas Indians and foreign visitors to India.

4.      As and when instructions and modalities to address all queries regarding the holding of old Indian currency notes by persons outside India is received, the same will be circulated.

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Seoul
November 28, 2016.

 
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