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Beijing: Indians living in China cannot deposit the scrapped currency notes of Rs 500 and 1,000 at Indian bank branches here. The Indian embassy in an advisory said the demonetised bank notes "cannot be deposited at branches of Indian banks located in China or Hong Kong". One will have to authorise in writing enabling another person in India to deposit the notes into his or her bank account. "The person so authorised has to go to the bank branch with the specified bank notes, the authority letter given by you and a valid identity proof," the embassy said. Thousands of Indians live in China, mostly in Beijing, Shanghai and Guangzhou. Of the seven India banks here, two are from the private sector. "I couldn't be more grateful," Isha Luthra, who works in Beijing, reacted sarcastically. "I am glad I have a trip back home before December 30," Luthra told IANS. December 30 is the last date to deposit or exchange the spiked currency. India o...

India's government on Thursday allowed farmers to draw money from banks against loans sanctioned to them to buy seeds and fertilisers in the ongoing sowing season, as it responds to criticism against the move to cancel high-value rupee bills. Farmers will be able to withdraw up to 25,000 Indian rupees per week against their crop loans, Economic Affairs Secretary Shaktikanta Das told reporters, adding the time limit to pay crop insurance premiums has also been extended by 15 days. Millions of Indian farmers, however, have no bank accounts and depend on local moneylenders to fund sowing. (Reporting by Nidhi Verma and Neha Dasgupta; Editing by Sanjeev Miglani)