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No, you cannot deposit, or exchange Indian rupee in the United States

(AB Wire)

One of the clearest options for overseas Indians is to travel back to India to exchange the notes in person.

A sign in in front of the SBI-California office in Washington, DC.
A sign in in front of the SBI (California) office in Washington, DC.

In the past week, ever since the Government of India announced that they will be phasing out the 500 and 1,000 ($7.35; $14.70 ) Indian rupee denominations to combat corruption and the “black money” economy, my inbox and phone have been off the hook.

I work for a bank based out of India operating in the US and people who relied on the black money currency want to deposit it before it becomes worthless. In the morning, I usually find up to 100 messages from the night before and during the day, sometimes all four lines are ringing simultaneously. And then there are walk-ins. Yesterday, one person came in with a grocery bag overflowing with rupees. Today, I got yelled at in person, which I guess was at least a change from getting yelled at on email.

The 22 billion banned currency notes represent 85% of the cash in circulation in India, which is an overwhelmingly cash-based economy. This change represents a challenging overhaul, but it is intended to move away from untaxed, below board exchanges to benefit the modernization of the country in the long run. Experts say, this decision will make or break Modi’s tenure as Prime Minister.

Despite many rumors about which banks do or do not accept or exchange rupees in the United States, the fact is, they are not legal banking tender in the United States of America. Not even our bank, even with the word “India” in the bank’s name, takes deposits in Indian money. We are regulated by the U.S. authority and do business in U.S. currency just like any other bank here.

So where does the confusion arise? Some banks offer something called foreign currency accounts, but they are often for high premiums, only for competitive foreign currencies, and require vetting processes for high level investors in the international market.

Additionally, The Reserve Bank of India (RBI) says that Indians could deposit the bills in non-resident ordinary rupee accounts, a type of bank account where people living abroad park income earned in India.  However, even if you do have a non-resident ordinary rupee account that account is still located in India and not in the U.S. Therefore, you still have to travel to India in order to make that cash deposit.

An email the writer received from an angry customer.
An email the writer received from an angry customer.

One of the clearest options for overseas Indians is to travel back to India to exchange the notes in person. Indians will be able to exchange their old notes for new ones at the country’s banks until December 30. Overall, the difficult reality is that U.S. banks do not operate on these notes, and there is little the banks can do. I hope this clears up the confusion that people might have.

Read more.

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Rokas Beresniovas Named SmartCEO 2016 Center of Influence Honoree in Washington DC

 

Rokas Beresniovas named SmartCEO 2016 Center of Influence Honoree in Washington DC.
The Centers of Influence Awards program honors the leadership, innovation, impact and success of the region’s most enterprising accountants, attorneys and bankers. These professionals represent the best and brightest in the region and have demonstrated an unrivaled commitment to their clients.

2016-centers-of-influence

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Herlife Magazine International Model Competition

We are so proud to introduce you to the next exceptional judge for our Herlife Magazine International Model Competition on August 7, Rokas Beresniovas, Vice President at the State Bank of India (California) in Washington, DC!

Giving back to the community is extremely important to Rokas. In 2007, he joined the Georgetown Business Association (GBA) and was elected VP in 2011 and President in 2012. Currently, Rokas is a board member of Pebbles of Hope, Kids4Peace International, Joy of Motion Dance Center, and an honorary board member for The Embassy Series. In the past, Rokas served on the Board of Directors for the CSAAC Foundation, the GMC and Global Tassels!

Recently, Rokas was awarded the 2016 SmartCEO Washington DC Executive Management Award and was a finalist for the 2015 SmartCEO Washington DC Money Manager Award. He also won a Global Tassels Community Innovator Award (2015) and The Eurasia Center Golden BRICS Award (2014)! Rokas is also the founder of the Lithuanian nonprofit organization Global Lithuanian Leaders (GLL) and was recognized by the Lithuanian Ministry of Foreign Affairs in 2015 for outstanding leadership in youth mentoring!

We are so honored to have such an exemplary member of the community serve as a judge for our TOP MODEL Competition, to help us select the best girls to represent the U.S. and HERLIFE for our international modeling initiative in Italy this September!

BUT, WE NEED YOUR HELP! As an attendee, your support and vote COUNTS! Buy your tickets to attend the big event, and your vote will be weighed in to the judge’s decision! Help your favorite girls make it to the top, purchase your tickets TODAY!

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Kids4Peace: making a life of peace and making change

(Alliance for Middle East)

In the Beit Safafa Middle School, more than two hundred families-Muslims, Christians, and Jews-met and shared Iftar together.  Orchestrated by Kids4Peace, the meal embodies the hopes of the members. USAID’s Dave Harden summed the event up perfectly with his words, “you are living a life of peace. I want you to have big, big visions.” As described by Jill Levenfeld, these children are making noise and making change throughout a broad community.

Jerusalem co-director Rebecca Sullum poignantly describes her experiences with Kids4Peace, which now spans more than a decade. She began as an individual who could not name a Muslim holiday, and now witnesses interfaith meals as hopeful symbols of peace.

Beginning in late July, over two hundred Israeli, Palestinian, and American students student will meet for summer camps in cities ranging from Boston to Washington, DC, to Galilee.

Lastly, congratulations must be extended to Jesse Raben, Rokas Beresniovas, and Kevin Rachlin for their recent selections as members of Kids4Peace’s International Board of Directors. Read more.

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Meet Israeli, Palestinian & American Youth Peacemakers on August 2nd

Kids4Peace International Invites You To

VOICES OF HOPE

An inspiring evening honoring 30 Israeli, Palestinian & American youth peacemakers as they complete a week-long leadership program in advocacy and social action.

Tuesday, August 2nd at 6:30pm
Mount Vernon Place United Methodist Church
900 Massachusetts Ave NW, Washington DC

RSVPk4p-voicesofhope.eventbrite.com

6:30pm – Reception
Meet & Greet with Kids4Peace’s young leaders
Kosher & halal food provided

7:00pm – Movie
Private screening of Jerusalem Voices a new short film by Dandan Liu

7:30pm – Youth Speakers
Israeli, Palestinian & American youth from Kids4Peace share their stories and visions for the future

8:00pm – Musical Celebration
with Ami Yares & friends

Voices of Hope

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American Bazaar to host free startup workshop at George Mason University

Speakers will include business stalwarts, CEOs and executives from small, mid-sized, and large companies.

AB Wire

The American Bazaar will kick off its multicity startup workshop series Startup Bazaar 2016 at George Mason University on Saturday, July 23.

The admission is free for the event, which will be hosted in partnership with George Mason University’s Center for Innovation and Entrepreneurship.

To register for the event, visit http://abevents.americanbazaaronline.com/ab-events/ab-startup-bazaar-washington-dc/

The mission of the Startup Bazaar is to provide a platform for startup founders, early-stage and potential entrepreneurs to listen, interact and network with men and women who have created enormous wealth through entrepreneurship.

Speakers include business stalwarts, CEOs, and executives from small, mid-sized, and large companies.

Anita Gupta, Founder and Chief Revenue Officer of Kiwitech, a Washington-based technology company that also invests in startups, will deliver the keynote address. She will talk about “Launching your startup with low capital.”

The Startup Bazaar will feature three workshops on various aspects of running a startup.

Dr. Mahesh Joshi, the Director of Research & Practice at George Mason University’s Center for Innovation and Entrepreneurship, will conduct a workshop on elements of a business model. The other two are:

  • a legal workshop for startup owners by Suzanne L. Rotbert, a Principal at Miles & Stockbridge; and
  • a workshop on accounting by Balagan Arumugaswamy, the founder of Balagan Business & Taxe Services.

Geeta Anand, a Vice President of Business Banking at Capital One Bank, and Rokas Beresniovas, a Vice President at State Bank of India – California, will make presentations on raising capital.

Neal Gupta, Founder and Chief Financial Officer of Kiwitech, and Dr. Pradeep Ganguly, Executive Vice President at Prince George’s County Economic Development Corporation, will speak about “Finding the right kind of incubators and accelerators for your startup.”

The event will also recognize two outstanding startups from the Washington area: TextBehind, Inc. and Syndeste.

TextBehind, founded by Pakistani American Zia Rana, enables one to communicate with incarcerated loved ones using detailed text messages and greeting cards.

Syndeste, founded by IITean Mohan Rajasekar provides actionable insights on flood risk, including steps to improve their resilience to flooding and climate.

Moderators include Kirit Udeshi, founder of Forte, and Sanjeev Joshipura, Director of Special Projects at Indiaspora.

Besides Washington, DC, area, the multi-city startup workshops will be held in Dallas, Atlanta and New York. Read more.

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