BackIndians in China should deposit demonetized notes in India, says embassy
Indian embassy in Beijing stated that the demonetized Rs500 and Rs1,000 notes can be deposited in India but not at branches in China and Hong Kong
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Beijing: Indian nationals residing in China can deposit demonetized Rs500 and Rs1,000 currency notes in their bank accounts in India through authorised representatives but not their branches in China and Hong Kong, the Indian Embassy in Beijing said.
Notifying the Indian government decision to withdraw the Rs500 and Rs1,000 notes, an advisory posted on the website of the embassy said the specified notes can be deposited in India at the branches of commercial banks, regional rural banks, urban cooperative banks, state cooperative banks and Reserve Bank of India (RBI) offices up to 30 December.
“After 30 December, specified bank notes can be deposited only at specified RBI offices. Please note that specified bank notes cannot be deposited at branches of Indian Banks located in China or Hong Kong," it said.
Several Indian banks branches and representative offices are present in China and Hong Kong but they deal with bilateral trade. “If you are not in India and have you have the specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account," it said.
The person so authorised has to go to the bank branch with the specified banknotes, the authority letter given by you and a valid identity proof such as Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card.
“If you are an Non-Resident India and hold an Non Resident Ordinary (NRO) account, the exchange value can be deposited in your NRO account," it said. PTI
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