Personal Finance

Indian Currency - Rs. 500 and 1000 denominations

  • Last Updated:
  • Feb 23rd, 2017 12:01 pm
Jr. Member
Jan 2, 2009
163 posts
48 upvotes
Ontario
Rogered wrote:
apoorv wrote:
xgbsSS wrote: Have you tried any of the Indian bank branches?

State Bank of India
http://www.sbicanada.com

ICICI Bank
http://www.icicibank.ca
Cant believe I didn't think of that lol. Thank you!
Or try these guys. They buy and sell, 200 types of currencies.

http://www.sultanexchange.com/exchange-rate/
I hope they exchange it coz their Mississauga branch is right around the corner near my work. I'm going there tomorrow.
Deal Addict
Jan 2, 2013
1640 posts
442 upvotes
Mississauga
woesermarley wrote:
Rogered wrote:
apoorv wrote:

Cant believe I didn't think of that lol. Thank you!
Or try these guys. They buy and sell, 200 types of currencies.

http://www.sultanexchange.com/exchange-rate/
I hope they exchange it coz their Mississauga branch is right around the corner near my work. I'm going there tomorrow.
Just called them. Not accepting INR.
Banned
Oct 30, 2016
93 posts
30 upvotes
apoorv wrote:
woesermarley wrote:
Rogered wrote:

Or try these guys. They buy and sell, 200 types of currencies.

http://www.sultanexchange.com/exchange-rate/
I hope they exchange it coz their Mississauga branch is right around the corner near my work. I'm going there tomorrow.
Just called them. Not accepting INR.
Any INR ? Or just the now old and banned Rs. 500 and Rs. 1,000 ?

So they are not even accepting Rs. 100 and smaller denominations ?
Banned
Oct 30, 2016
93 posts
30 upvotes
This is a money making opportunity for a smart guy.

He can charge 25 % commission and say I can exchange that money for you in Canada, or your money is worthless and junk :)

Then he can send that money to India through various channels :) . Trust me, with bribes and corruption and don't care attitude, enough ways to smuggle currency in India.

I will pay 25 % commission, if I had Indian cash over here, better than having Toilet paper in hand , bcoz that's what the notes will be after the deadline. You have the need and that guy is taking the risk and providing service.

Heck you can stand at Pearson airport and give that money to anyone travelling to India at a good rate. Once they are in India, they can exchange or deposit till Dec 30 for new notes, in various banks and post offices :)
Deal Addict
Jan 2, 2013
1640 posts
442 upvotes
Mississauga
Rogered wrote:
apoorv wrote:
woesermarley wrote:
I hope they exchange it coz their Mississauga branch is right around the corner near my work. I'm going there tomorrow.
Just called them. Not accepting INR.
Any INR ? Or just the now old and banned Rs. 500 and Rs. 1,000 ?

So they are not even accepting Rs. 100 and smaller denominations ?
Sorry I only asked about the 500 and 1000s.

Add: Spoke with http://www.jackfilled.com/index.html as well. Not accepting INR 500 or 1000.
Jr. Member
Jan 2, 2009
163 posts
48 upvotes
Ontario
apoorv wrote:
woesermarley wrote:
Rogered wrote:

Or try these guys. They buy and sell, 200 types of currencies.

http://www.sultanexchange.com/exchange-rate/
I hope they exchange it coz their Mississauga branch is right around the corner near my work. I'm going there tomorrow.
Just called them. Not accepting INR.
Just came back from their retail branch in Mississauga. No, they don't accept INR!
Deal Addict
User avatar
Feb 1, 2009
4777 posts
5070 upvotes
East GTA
Any of the big 5 banks accept Indian rupees. You will get dinged with the exchange rate but better than nothing.
NO SOUP FOR YOU!

+1337
Deal Addict
Jan 2, 2013
1640 posts
442 upvotes
Mississauga
Normally, yes, but they won't accept the 500 and 1000 INR denomination since it's demonetized.
Deal Addict
User avatar
Dec 20, 2006
2279 posts
2192 upvotes
I am sure that there is an exception to allow ' old' R500 and R1000 notes to be exchanged at its Central Bank of India for foreigners at any time.

For example, I had some old "non legal tender" 50, 10 and 5 british pound notes. Recently, I got them exchanged to new notes at the Bank of England with ID (no ID required op tp 999 pounds). You can just deposit/exchange old notes at any time. Also local british banks will take old notes as deposits provided you have active bank accounts. Note that non-residents of UK are no longer able to open new account just to deposit old monies and withdraw at the same time.
“Ninety percent of all human wisdom is the ability to mind your own business.”
— Robert A. Heinlein
Deal Addict
Jan 2, 2013
1640 posts
442 upvotes
Mississauga
imoo2u wrote: I am sure that there is an exception to allow ' old' R500 and R1000 notes to be exchanged at its Central Bank of India for foreigners at any time.

For example, I had some old "non legal tender" 50, 10 and 5 british pound notes. Recently, I got them exchanged to new notes at the Bank of England with ID (no ID required op tp 999 pounds). You can just deposit/exchange old notes at any time. Also local british banks will take old notes as deposits provided you have active bank accounts. Note that non-residents of UK are no longer able to open new account just to deposit old monies and withdraw at the same time.
Yes there is, but only until 30 Dec 2016. So not a lot of time, and I'm certainly not going back anytime soon. (Not anyone I know!)

On that note, is anyone going? I would love to just hand over the cash.
Deal Addict
User avatar
Nov 9, 2008
4465 posts
426 upvotes
Toronto
For anyone heading to the motherland anytime soon, I'll give you 13000 INR (11x1000 + 4x500) for $200 CAD (instead of $263 that it is worth). There's roughly your 25% commission.

Edit: gave away to coworker for his vacation instead. Thanks for the PMs.
Last edited by Guest39482839 on Nov 10th, 2016 1:16 am, edited 1 time in total.
Buy Bell, and you go to HELL! :-0
Member
User avatar
Mar 2, 2010
452 posts
44 upvotes
I can carry some funds to India. If you are interested in exchanging money, please let me know.

PS: I don't know how well things will work in India in terms of deposit and IDs etc., so I may not give the best exchange rate (disclaimer in advance). Please let me know what amount you are interested in exchanging and I will propose something back to you.
Neeraj Garg - Origin Homes Canada
Real Estate Sales Representative
Sr. Member
Aug 15, 2013
881 posts
419 upvotes
Guelph
For ppl still looking, I can get your INR's at 30% off. I am in Guelph but can meet in Mississauga or Brampton this or next weekend. PM me.
Banned
Oct 17, 2015
306 posts
56 upvotes
Toronto, ON
dundeal wrote: For ppl still looking, I can get your INR's at 30% off. I am in Guelph but can meet in Mississauga or Brampton this or next weekend. PM me.
i think it will be a very good idea if someone can exchange the money at a discount as there appears to be hardly any alternatives other than flying to India

http://nriindiancurrency.info/2016/11/1 ... ee-abroad/

pretty stupid and careless move on part of Indian Govt
Member
Sep 10, 2016
224 posts
42 upvotes
Don't know how much updated this is but the RBI website says that we can take out Rs 5,000 cash per person while flying out:
19. While going abroad how much Indian currency can be taken out?

A person going out of India can take out with him Indian currency notes within the limits given below:

a. upto Rs.5000 to any country other than Nepal or Bhutan, and

b. any amount in denomination not exceeding Rs.100 to Nepal or Bhutan.
https://www.rbi.org.in/scripts/FAQView.aspx?Id=11
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
More than stopping black money, INR has lost its trust globally. I don't know if any country would accept it anymore not that it was accepted already.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Newbie
Jan 23, 2014
85 posts
4 upvotes
Mississauga
i dont have anyone in india and i just went to India and I have INDIAN rupees. where can i exchange the money?
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
You have to get it from bank. No other way.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Member
Aug 20, 2014
226 posts
89 upvotes
Toronto, ON
MehtabS wrote: Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Just curious - What does it mean and why is it your signature?
Deal Addict
User avatar
Aug 23, 2006
3153 posts
213 upvotes
sqara82 wrote: Just curious - What does it mean and why is it your signature?
Must be the language or famous quotes from the bald guy from his avatar
“There are some things money can’t buy, and for everything else there’s MasterCard. Well, get out your checkbooks ladies and gentlemen, because it seems like the entire liberal cabinet can be bought. TRUDEAU: I CAN’T BE BOUGHT...LMAO. Because its 2017

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