IAPCON


Demonetisation & Forex Info


Dear Delegates,


​​It’s our pleasure to extend our warm welcome to IAPCON COIMBATORE 2017.


As you prepare for your travel, we would like to bring to your notice certain important facts with regards to the recent demonetisation programme implemented in INDIA .


India is moving towards a cashless /digital economy with restriction for cash withdrawal, currency exchange post demonetisation. Foreign citizens can exchange foreign currency for Indian notes up to a limit of Rs 5,000 per week only as per Reserve Bank of India (RBI). While exchanging the notes, the foreign passport holder will have to submit a self-declaration that the facility has not been availed of during the week.


A few tips that may help you:

Try to pay for as many things by card as you can - Minimize reliance on cash by booking hotels and paying online, shop at supermarkets and large stores that can accept cards, use taxi apps like Ola and Uber and pay online, and try to leave as much small change as possible for daily expenses.


Ask for 100 Rupee notes. When you change money its better to try and get as much in 100 Rupee notes as it is hard to find a vendor who will have enough change and be willing to accept the 2,000 notes.


Do not accept or transact the old 1000, 500 rupee notes or carry it with you.


Send money online with Western Union, you can collect upto 15,000 rupees from the general post office. Again, you'll need to bring a copy of your passport and visa but check that they have cash before you send money as many small agents do not have the cash to be able to make the payment.You could also try paying for things by transferring money via Paypal. You could also try MoneyGram.


Try getting a pre-paid Indian Rupee Travel Money Card before you leave home. You'll avoid ATM and foreign card transaction charges


The Government has stated this as a “transition phase” ​ and cash withdrawal limits may vary. ​So​ please update yourself with the latest announcements from RBI, Govt of India.


Some useful links for further insights:

My GovIndia: Official newsletter on Demonetisation

http://www.zeebiz.com/india/news-foreigners-can-change-forex-for-indian-currency-up-to-rs-5000-till-dec-15-rbi-8468

New York Times: India offers relief from chaos

Global Gallivanting: What demonetization means to tourists

Reserve Bank of India: FAQ

IAPCON