Indian Rupees: where can I change them back to GBP?(34 Posts)
I came back from a work trip to India recently with about 50 quid's worth of Rupees. The Post Office wouldn't change it back, saying it couldn't be done.
Anyone know if this is right?
Any tips/thoughts/solutions appreciated...I'm not back in India for a year, so would like to get it changed if poss!
Sorry, I couldn't find anyone to take mine. Tried in Australia, Korea and London!
Maybe someone will come along with a helpful suggestion.
I think Rupees are actually not a hard currency, and meant to only be available in India, so I don't think any banks will exchange them. I think you are not meant to take them out of the country at all.
You can't. Post it off to a charity in India or keep for next time
Indian Rupees are a restricted currency so strictly you're not supposed to take them out of India which is why you can't find anyone to change them. The Bank of India has branches in the UK - London, Leicester, Birmingham and Manchester amongst others so they may be able to help but I would have thought the transaction fee on £50 would not make it worthwhile.
As Richard Osman informed Alexander on Pointless the other day, it's technically illegal to take them out of the country so you can't exchange them. Are any of your colleagues going to India earlier?
Blimey, that was quick!
Thanks so much for these...not to worry, I might just see if anyone will take them for charity. Suggestions?
Anyway, this is all because of my own stupidity...I hid them so as not to leave them out in the hotel room one night, then couldn't find them when I wanted them the next day.
Once again, alcohol may have been a factor.
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Firstly this post is four years old.
Secondly if the OP still has money it is almost certainly in 500 and 1000 rupee notes which are no longer legal.
Yeah I know this post is old but still we can use this indian currency in some places like hospital bills and some kind of bills electricity
There is some time of limit
Anyways iam trying to help the indeed people as people want to send some money to India as people not able to travel in this short period before 31st Dec we can do something with this money
After 31st December the old indian rupees will be only papers so before 31st December either help the poor people or use it by sending to indeed people
I am in India. The notes could be used in a few places until Friday 11th, They are now not accepted anywhere for payment.
When paying money in, there is a form to fill in justifying where the money is from. Actually it can still be changed after 31st December but only in certain places and with more documentation.
That's mad. I got back from India a week ago and was spending 500 and 1000 rupees with no bother.
Did they know they were stopping them? No-one said anything to us.
At 8pm Tuesday night Modi announced they would cease to be legal tender at midnight. New 2000 notes have been issued but most ATMs can still only issue 100s. The max withdrawal is 2000 a day. Queues at banks are massive no queue means no cash.
Anyone in India at the moment? Any idea how long it might take for things to improve, bearing in mind it's already been a week? I'm flying out there next month and am a little concerned about being in a foreign country potentially without cash.
I would keep reading the Foreign Office Travel Advice on India:-
(their latest update)
Summary - information regarding the withdrawal of existing 500 and 1,000 Rupee banknotes is being updated regularly; see the Reserve Bank of India FAQs; banks reopened on 10 November and will exchange these notes for lower denominations up to a limit of Rs 4,500 per card per day until 24 November; if you’re exchanging money at a bank, take photo ID and expect long queues; some ATMs are operational but withdrawals are limited to 2,500 Rupees per card, per day until 18 November; foreign tourists will be able to exchange foreign currency or old notes of not more than 5000 Rupees into legal tender; new 500 and 2,000 rupee notes are now in circulation and will be issued to replace the withdrawn notes; until then, if you’re exchanging money don’t accept any denomination higher than 100 rupees; if you have debit or credit cards, use them instead of cash where possible
I live in India.
Queues seemed to be shorter today and a colleague managed to withdraw money from an ATM with only a 5 minute wait.
India as a country relies on cash but the middle class are moving to paying a lot by mobile apps. I have managed to spend about 300 rupees in cash in the last week. I would normally travel by rickshaw but have been using taxis as I can pay from the app. (I use Ola. I can top it up with my debit card) and when ordering food I use another app (Zomato). There are also payments apps PayTM seems quite common but I haven't used it.
I think one effect of this will be more people becoming cashless.
I do think by next month things will have settled down. You have to remember the size of the population it takes a long time for everyone to do something.
I think the daily limit was 4000 in the bank and 2000 at a ATM since Thursday, so the most people would have withdrawn is 24 000. The maximum amount you can deposit without question is 150 000. That gives you an idea of the amount of cash people have in their house.
I hope that helps
Thanks so much for the replies. I hope things get better for everyone soon - I gather this is the first time any country has tried this!
I think it is. It has been planed for a while. They have been encouraging people to open bank accounts and get ID. People were invited to bring their black money to the bank, pay 35% tax no questions asked. It is a bold move but effective.
For the Sake of God, please stop appreciating Modi for his stupidity first of all. Which country on the earth does this to its own people what Modi did.
Is this the solution to any problem at all? Please give me a gurantee if you can.
I am shocked that he is still on his job. Why cant ppl see that he is struggling to to do his role as a PM of India. He has put poor and rich people on risk.
No1 will ever buy indian rupees and keep them so he has put value of Rupees 0 and the most dangers currency to ever keep. Rupees will never be trusted after his stupidity.
Worst case: There is a no single party or reputed law in India to question him back and ask sack him from the job.
Do you all think that even rich people have done no hard work to make that money which have now at homes or where ever. First of all Rich dont keep cash at home, they invest in other things.
2nd who would bring a poor quality printed 2000Rupees in market? Only Modi could do that.
FOr the sake of god ppl if we all love India (not Modi or any political person) - India need an educated and capable person to handle its country not someone who is dependent on someone else's advice.
No planning, no warning, no discussion with public and Modi is left like a wide animal to do anything in India (EVERYDAY). Why cant opposite sue him and sack him from the role. They all need to tell him to sit down and plan things first before you take damn serious decision for the public of India
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Rohit how are you arranging exchanges in the U.K. I was under the impression that old notes can only be changed in India and even then it is not an exchange you have to pay the money into a bank account.
marco - how are things at the moment? I'm flying out on Boxing Day to Kochi, and am hearing that ATMs are still often empty and can't be relied upon. I've paid upfront for accommodation and transport, but am concerned about getting hold of small notes for, among other things, tipping. Will it be acceptable to tip in US dollars if I can't get hold of small rupee notes?
Yes ATMs are still not always stocked. I haven't used one for ages, I go to the bank where I can withdraw 24 000 a week.
I think tourists can get 5000 at a time but I am not sure about ATMs.
If you can get money from a bank you will probably get 100s. I got my first new 500 today. There is not as much a problem as there normally is getting change -- I am not sure why. However I imagine tipping in US dollars will be fine.
If you will have a mobile with internet access (don't expect to buy an Indian SIM it is not easy) then you might want to try downloading PayTM and see if you can add credit from a non Indian card. I have only used it online but I know my corner shop uses it, as do some rickshaws.
Good luck. Let me know if you have any more questions.
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