This is how Non Residential Indians (NRIs) can change their 500 and 1000 rupee notes

New Delhi : To stop the spread of fake notes, which is supporting dread exercises from over the outskirt, and flush out dark cash, the legislature has chosen to scrap the notes of Rs. 500 and Rs. 1000.

Indian Prime Minister Narendra Modi in a surprise move on Tuesday night announced high-denomination notes of 500 and 1000 rupees will no longer be legal tender from midnight local time. This actions was part of a crackdown on rampant corruption. 

1. Carry the cash with you to India:

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. 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)

Many Indian Banks in Sydney are suggesting this option.  Indian Banks in Australia are still waiting to get detail information from RBI.

3. Use money-exchange in your country:

Airports have foreign money exchange stations (currency exchange), which will accept the 500 and 1000 Rupee notes until December 30th 2016. So, if you have any Indian money (Rupees) that you carried with you in change lying around, go to the nearest Airport (or any legal money exchange centers) and get them converted to the local currency before it is too late.

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: 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.

4. 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.