Note exchange: Indian students at foreign universities find it tough

Foreign banks don't accept the old denomination notes, and there are few India-based banks abroad to facilitate exchange.

Published: 20th November 2016 01:33 AM  |   Last Updated: 20th November 2016 06:46 AM   |  A+A-


People queue up at a special cash withdrawal van launched by Canara Bank to meet the demand of cash in Bengaluru on Saturday | PUSHKAR V

By Express News Service

BENGALURU: Students from Bengaluru who are studying at various foreign universities and are in possession of some demonetised Indian currency notes are not able to exchange them as there are a very few Indian banks abroad and foreign banks are not accepting it.

Rakesh, who is pursuing his post-graduation in Germany, has Rs 10,000 in Rs 1,000 denomination with him. This was given to him by his grandmother when he left Bengaluru for his studies in RWTH University, Aachen. Now he is in a dilemma as he is not able to exchange the notes anywhere in Germany.

Another student, Anirudh, had  Rs 4,000 in hand when he left India. Not realising that the money had been demonetised all these days, he is now making efforts to exchange it. However, it is not so easy at Aachen as there are no Indian banks there. The State Bank of India branch at Frankfurt is too far and so he is hoping to send the money back through his common friends.

The story is the same in many other German cities, be it Berlin, Stuttgart or Esslingen. Sisters Prathikisha and Nireeksha Nijigal, who are studying in the UK, too are facing a similar situation as they are not able to exchange the demonetised notes that they have. Sunitha Rajeev, their mother said they are travelling to the UK next month and shall get the demonetised notes back.

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