STUCK WITH INDIAN 500 AND 1000 RUPEES NOTES?

It is not unlikely that when on November 8, Indian Prime Minister Narendra Mordi decided to take on corruption by declaring 500 and 1000 notes of the Indian currency invalid from November 10, he did not anticipate that it will amount to a total shut down of the economy.

Since then, daily long queues at banks and working ATMs across the country have been become a daily affair. This is because the deadline is December 30 for the exchange these notes for still valid ones or newly introduced 2000 rupee notes.

Home Indians are even faring better. Those living outside India have no windows outside the country's shore to even queue up to exchange the demonetised notes before the deadline.

So, many non resident Indians and even none Indians are presently stuck with the notes that in less than two months will be absolutely worthless. Yet, even now they can not be used to buy anything; only exchange them or pay into account in India.

So if you are one of those so stuck with these rupee denominations, here is what you can do, according to the Reserve Bank of India (RBI).

Yes, the queues are still getting longer and many are struggling to exchange money with which to feed, so the best option is to pay such notes into your account in India, if you are lucky to have one.

For non residents, that may mean unplanned for travel home. but not for everybody. Now, says RBI, you can in writing authorise someone to pay money into your account. In order words, check with fellow non residents and any one travelling for other reasons could help out.

Naturally, foreign banks and finance institutions have stopped accepting the invalid currencies but if you can not make the December 30 deadline, don't worry says RBI.

This is because those unable to meet the deadline for any reason will be given opportunity in future to exchange the currencies at designated places up to March 31 2017. You will have to be armed with valid identification and be prepared for necessary documentation.

Since announcing the decision, the Indian government has been doing all it can to reduce the suffering of the average citizen through tinkering with deadlines, withdrawal and deposit limits.

It is obvious though that the move did not go down well with the opposition and has since  become dangerous bottle neck restraining economic demand and consumption, and encouraging people to seek alternatives  store of value outside direct control of the government.

India is not the only country to demonetise currency notes so far but it sure was a pioneer when it did just that back in 1945 and then in 1978 by declaring invalid 1000 and 10,000 notes earlier in circulation.

Also to fight corruption, Nigeria tried it in 1984 during Buhari first coming but it ended with a sore taste in the mouth when, by executive fiat, 53 suitcases were brought in while air and land borders were supposed to be closed to avoid import of slush Naira.

Other countries like Zimbabwe, Singapore, Fiji islands and even the Phillipines have demonetised currency units before too but quite different reasons.