Embassy will not accept demonetized currency: NRIs in Kuwait advised to follow RBI guidelines

The Indian Community in Kuwait are advised to follow the guidelines issued by the Reserve Bank of India regarding the Demonetization of Rs. 500 and Rs.1000 currency notes, the Embassy of India informed.

"The Embassy has been receiving telephonic calls/ queries from some members of Indian community enquiring whether Embassy can accept and/or exchange the demonetized banknotes of Rs 500 and Rs1,000 in their possession in Kuwait. It is hereby clarified that the Embassy does not deal in Indian currency notes . Demonetized bank notes of the denomination of Rs 500 and Rs 1,000 are not acceptable/ exchangeable in the Embassy," the embassy of India in Kuwait clarified.

As per the RBI guidelines, the legal tender character of the existing bank notes in denominations of Rs 500 and Rs 1000 issued by the Reserve bank of India till November 8, 2016 stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and /or store of value for future usage. The Specified Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks or at any Head Post Office or Sub-Post Office till 30th December 2016. For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

An updated (as on 12/11/2016) FAQ issued by the Reserve Bank of India which can be seen at the following URL https://rbi.org.in/Scripts/FAQView.aspx?Id=119

Indian community members are advised to consult the press release/FAQ, informed the embassy.