Demonetised notes can't be exchanged in Indian banks in China

Indians living in China cannot deposit the scrapped currency notes of Rs 500 and 1,000 at Indian bank branches here.

Beijing, Nov 17: Indians living in China cannot deposit the scrapped currency notes of Rs 500 and 1,000 at Indian bank branches here.

The Indian embassy in an advisory said the demonetised bank notes "cannot be deposited at branches of Indian banks located in China or Hong Kong".

One will have to authorise in writing enabling another person in India to deposit the notes into his or her bank account.

"The person so authorised has to go to the bank branch with the specified bank notes, the authority letter given by you and a valid identity proof," the embassy said.

Thousands of Indians live in China, mostly in Beijing, Shanghai and Guangzhou.

Of the seven India banks here, two are from the private sector.

"I couldn't be more grateful," Isha Luthra, who works in Beijing, reacted sarcastically. "I am glad I have a trip back home before December 30," Luthra told IANS.

December 30 is the last date to deposit or exchange the spiked currency.

Prime Minister Modi, had on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions in a bid to tackle hoarding of black money, corruption and terror financing.

IANS