IMPACT – HIGH
What is the change? India is pulling old rupee notes of the 500- and 1,000-rupee denominations out of circulation and will restrict ATM transactions from now until the end of the year.
What does the change mean? Banks were closed Thursday Nov. 9 and ATMs were shut down Wednesday and Thursday, Nov. 9-10. ATM withdrawal limits will be in place starting Friday, Nov. 11, and all residents have until Dec. 30 to deposit existing 500- and 1,000-rupee notes into their bank accounts or exchange them for other bills. New 500-and 2,000-rupee notes will be put into circulation.
Background: The Reserve Bank of India published the notice Tuesday with little warning. New “Mahatma Gandhi” 500- and 2,000-rupee notes will be put into circulation featuring a new design, color, size and security emblem.
During the transition:
BAL Analysis: All residents in India should be aware of the changes and plan for possible delays in banking transactions during the transition. The banking limits and other terms of the currency exchange are subject to change without notice.
This alert has been provided by the BAL Global Practice group and our network provider located in India. For additional information, please contact your BAL attorney.
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