Indians in UK can deposit old notes at local branches of Indian Banks

By Shishir Kumar

Posted on December 24, 2016

Big relief for Indians in the UK. Today Bank of England said that they do not see any regulatory obstacles if Indians deposit old notes of Rs 500 and Rs 1000 at the UK branches of Indian banks. UK gave a green signal to make life easier for Indian in the UK, but now the ball is in India’s court.

The PRA [Prudential Regulation Authority] confirmed this statement. PRA is responsible for supervision of all banks in UK. Now it is Indian government’s turn to give approval to Indian Banks with UK branch for accepting old Rs 500 and Rs 1000 notes. Read how Indians living abroad can exchange their old currency.

“Whether it is possible to deposit or exchange high-value Indian Rupee banknotes at Indian banks in the UK is a matter for the Indian government,” said Bank of England Governor Mark Carney said.

Thanks to Indian origin MP Keith Vaz’s letter to Governor Carney, England took this step. Vaz said in a statement that he is writing to Indian finance minister Arun Jaitley with a copy of Carney’s letter to seek a resolution to an issue affecting thousands of NRIs and PIOs. Read more news on Demonetization.

Indians in UK can deposit old notes at local branches of Indian Banks