Indians in China can deposit demonetised notes only in India: Embassy | india-news | Hindustan Times
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Indians in China can deposit demonetised notes only in India: Embassy

black money crackdown Updated: Nov 16, 2016 18:56 IST

People waiting in a queue outside a Allahabad Bank in Parliament street on Wednesday.(Virendra Singh Gosain/Hindustan Times)

Indian nationals residing in China can deposit demonetised Rs 500 and Rs 1,000 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.

Following the government’s decision to withdraw high denomination notes, an advisory was posted on the website of the embassy that 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 RBI offices up to December 30.

“After this date, 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 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 NRI and hold an NRO account, the exchange value can be deposited in your Non Resident Ordinary (NRO) account,” it said.