Saturday, December 10, 2016

NRI Demonetization FAQ - What NRI/PIOs should know about Demonetization of Rs 500/1000 Notes In India

It's been almost a month since our honorable prime minister Mr. Narendra Modi surprised both India and world with his one of the boldest decision to scrap the Rs 500 and Rs 100 notes and took out almost 86% of currency in circulation. This move has been now the center of discussion from last month and world is divided on whether it's a good move and help the economy or a bad move which put India in a chaotic situation.


The discussion can continue but NRI community doesn't have many days left to make use of their old currency notes. Unfortunately, NRIs doesn't have an easy option to exchange or deposit their old currency. They cannot exchange old notes at overseas as neither Indian banks with the overseas operation are accepting those notes and money changer has long been refused to take them ever since the announcement of Demonetization occurred on 8th December 2016.

Since demonization hugely affects NRI community living across the world because everyone keeps some small money up to 25K INR to avoid currency exchange at the airport. NRI, particularly in the country where they have huge presence e.g. the UK, the USA, Canada, Singapore, Dubai, UAE, and Middle, east expected that Government should do to allow them exchange/deposit their note on abroad but nothing so far. In short, they don't have answers to all of their questions, I thought to jolt down the common question and came up with this NRI demonetization FAQ.




NRI Demonetization FAQ

Here is my collection of some of the frequently asked questions about demonetization from NRIs. I have tried to answer as many questions as possible but it no means a complete list, So, if you have any question related to demonetization, fee free to share with us and we'll collectively try to find the answer for you.

What is Demonetization?
The decision to scrap the Rs 500 and 1000 notes from Indian financial system is popularly known as Demonetisation. It took almost 86% currency in circulation. Formally, as per Gazette Notification No. 2652 dated November 08, 2016 issued by Government of India, recommended that banknotes in denominations of the existing series of 500 and 1,000 (specified banknotes) shall cease to be legal tender, with effect from November 9, 2016. Subsequently, a new series of banknotes called Mahatma Gandhi (New) Series having different size and design has been issued. As per notification, the specified banknotes held by a person, may be exchanged at any Issue Office of the Reserve Bank of India or any branch of any public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Co-operative Banks for a period up to and including December 30, 2016.



Can NRI get cash in form of Rs 500/1000 notes exchanged? Overseas or India?
No. NRIs cannot exchange old Rs 500/1000 notes both in overseas and India. They could have done earlier but now the "Over the counter" exchange (in cash) is stopped from November 25, 2016. Members of the public who approach the banks for over the counter exchange of SBN are encouraged to deposit notes into their bank accounts. See this post to learn more about exchanging cash at overseas.


Can NRIs deposit their old cash into NRE account?
No, they cannot deposit the old currency into NRE account because NRE account doesn't accept INR deposit. This is nothing to do with Demonetization. You can only deposit foreign currency into NRE account or you can fund it by remitting money from abroad.


Can NRIs/PIO deposit old cash in NRO Account?
Yes, NRIs can deposit their old cash in form of Rs 500/1000 into their NRO Savings Accounts. However, it is mandatory to provide the source of funds. You can read this post to learn more about 7 things NRI should remember while depositing cash into NRO account.


How much value NRIs will get if they deposit old Rs 500/1000 notes?
If you deposit the money into your NRO account you will get the value for the entire volume of notes. So, don't exchange it for some discount with others.


Is documentary evidence mandatory for deposit of old Rs 500/1000 notes in NRO Account?
Yes, documentary evidence of proof of source of funds is mandatory for deposit of such specified notes in NRO account for the amount greater than 50,000 INR. See this post to learn more about how to deposit old Rs 500/1000 notes into NRO account.

NRI Demonetization FAQ - What Every NRI should know about Demonetization of Rs 500/1000 Notes In India


What if NRI doesn't have an NRO bank account?
You can always open an NRO bank account by approaching any bank branch with necessary documents required for fulfilling the KYC requirements. If you have NRE account then you can also request the opening of NRO Account online.


Can a third party deposit cash in the NRO Accounts?
Yes, a third party / bearer can deposit old cash in an NRO Account. The third party / bearer will have to provide an authority letter from the account holder along with a self-attested copy of ID documents of the account holder and the bearer. The authority letter should be signed by the account holder and be in physical. The customer can share authority letter along with ID proof via registered email ID directly to the branch. A print copy of email along with authority letter and ID proof to be treated as a voucher. See this article to learn more about how to deposit Rs 500 in your NRO account.


I am an NRI and I am right now not in India, what should I do?
If you have old Rs 500/100 bank notes in India, you may authorize in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the old high denomination banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving Licence, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)


Can NRIs withdraw funds from an ATM?
You NRIs can withdraw cash from ATMs up to a maximum of 2,000 per card per day. So, if you have 4 cards you can withdraw up to 8K per day. This is why I suggest opening multiple NRI accounts, they help you in one or many ways to survive such crisis and bank defaults as well.


Can NRI withdraw cash against cheque from NRE/NRO account?
Yes, NRIs can withdraw cash against withdrawal slip or cheque from their NRE or NRO accounts subject to the ceiling of  Rs 24,000 in a week (including withdrawals from ATMs). NRIs which has current, overdraft or cash credit accounts which are operational for last three months or more will be allowed to draw  Rs 50,000 per week. This can be done in a single transaction or multiple transactions.

NRI Demonetization FAQ -



Is there a limit on cash withdrawals from a Bank branch for NRIs?
Yes, NRIs can withdraw a maximum of 24,000 per week from any branch of the bank. This limit includes withdrawals done through ATM machines as well. So the withdrawal limit for Residents and Non-resident is same.


What should NRI do if their NRE/NRO account is due for Re KYC, Can you still deposit old Rs 500/1000 notes in the account?
The NRI/NRO account first should be updated with KYC with valid documents before deposition of old Rs 500/1000 notes. Though this could be different from bank to bank and you should check with your bank first. For example, ICICI ask you to first submit KYC document but Kotak Mahindra still allowed to deposit up to Rs 50000 into NRO account.



Can NRIs deposit old Rs 500/1000 bank notes through ATMs, cash deposit machines or cash recycler?
Yes, NRIs can use this option as the old bank notes can be deposited in cash deposit machines / cash recyclers.


Can NRIs send their old currency notes by post or courier e.g. FedEx/DTDC?
No, you cannot send bank notes or travelers' cheque via post or courier. It's not allowed and neither FedEx or DTDC will allow you to send Indian currency via post. See this article to learn more about that.


Can NRIs deposit old Rs 500/1000 notes in third party’s account?
Yes, NRIs can deposit old currency cash into third party's bank account provider they have authorisation letter to do so and  following standard banking procedure and on the production of valid proof of identity of the person actually tendering.


Can NRIs transfer money by using electronic (NEFT / RTGS / IMPS / Internet Banking / Mobile Banking etc.) mode?
Yes, NRIs can use NEFT, RTGS or  IMPS along with Internet and Mobile Banking or any other electronic / non-cash mode of payment for payments when they visit indiIndiafrom abroad itself.


Does NRI have any restriction on usage of Debit/Credit Card or mobile transfers?
There is no restriction on NRI for using any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms. Existing limits and guidelines will hold good.


I am NRI and have forgotten Debit Card /ATM PIN, Is there any way to generate Debit Card PIN instantly?
It depends on the bank you have your NRE/NRO account. Most of the banks in India allows their NRI customers to contact customer care for generating ATM PIN.


Can NRI change transaction limits on their Debit Card associated with NRE/NRO account?
Yes, these limits can be increased or decreased by calling the customer care of the bank you have the account.


What documents are accepted as proof of identity for NRIs?
The common identity proofs are valid for both NRIs and Resident. For example, valid identity proofs include Aadhaar Card, Driving License, Voter ID card, International Passport,  PAN Card, or Identity card issued by the Government department / public sector unit to its staff.


How much time does NRIS have to deposit the old Rs 500/1000 notes?
The scheme to deposit old currency notes into bank account closes on December 30, 2016. The specified banknotes can be deposited at only NRO account with your bank until December 30, 2016. This deadline is main reason that NRIs have not started sending their old currency in flight with friends and colleagues to deposit on their behalf.


That's all about some of the most frequently asked questions about demonetization from NRIs. The most important thing to know is that there is no another way than to deposit the money in India in their NRO account. They can give someone authority to deposit on their behalf and the last date for depositing such cash in their bank account is 30th December 2016.

If you miss the 30th December deadline, all is not over. You can still deposit the money up to 31st March 2107 but that can only be done in RBI branches,. You can visit RBI's website (www.rbi.org.in) for more information and the website of the Government of India (www.finmin.nic.in) to learn more about demonetization .


56 comments:

  1. Between 2nd Jan and 31st March - At the RBI authorized centers - can we deposit in our NRO account or it has to be exchange of currency? Is there any limit for exchange?

    ReplyDelete
    Replies
    1. @Anonymous, It's not sure whether you can exchange money at RBI branches or they will let you deposit cash on your NRO account. Given exchange has already been stopped from 25th November, I assume they will let you deposit the money in NRO account after sufficient explanation and documentations.

      Delete
  2. What if i dont plan to return till 31 March?

    ReplyDelete
    Replies
    1. After 31st March do NRI's still have options to exchange or deposit 500/1000 Indian rupee notes in India?

      Delete
    2. Hello @Huz, @Unknown and @Anonymous, after 31st March you cannot exchange/deposit 500/1000 notes into banks. It would only worth as antique piece, provided Government not extending the current deadline. If they do, they you would probably have one more chance.

      Delete
    3. Thats unfair for NRIs who has legitimate money but unable to deposit by march. Whats the provision made for NRIs

      Delete
  3. What are the current rules regarding exchange of currency notes between 1st Jan-31 March 2017

    ReplyDelete
    Replies
    1. Hello @Dr, Kuba, after 31st December i.e. between 1st Jan and 31st March 2017, banks will not allow the deposit of Rs 500/1000 notes. They can only be exchanged/deposited at RBI branches.

      Delete
    2. You could contact PMs rep in London.They are Mr.Lalit Modi and mr. V.Mallya,can help to change all your old currency.They are brilliant Indian businessmen.

      Delete
  4. Dear Sir, me and my family are visiting india in january next year and have around 40000 with us. So, we can exchange them at an rbi office until march 2017. Does any one know what documentation is needed for it? So that i can arrange them mean while.
    Thanks.

    ReplyDelete
  5. how has demonetization ffected NRI

    ReplyDelete
    Replies
    1. Badly, most of the NRI lost between 5K to 15K amount as it's not practical for them to travel India just to deposit old notes.

      Delete
  6. I'm not planning to visit to India by March... I don't have NRO account too... my friend confirmed that ICICI NRO account is not taking 500/1000 currency here in Canada.
    What else can I do? I have Rs 1000/-, its hard earned money, I don't want it to go waste.
    rash

    ReplyDelete
    Replies
    1. @Unknown, there is no other way, you need to open NRO account and then deposit only in India.

      Delete
  7. Can NRIs not exchange money at airport before immigration? By showing entry and exit stamps, NRIs can prove they were not in India between 8th Nov and 30th Dec 2016. Surely MEA must have provided some guidance.

    ReplyDelete
    Replies
    1. This all make sense but unfortunately there is no guidelines issued by Government to relevant authorities e.g. Airport or Customs. You can only deposit old 500 notes to your NRO bank account in India as exchange is already stopped.

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  8. Has anyone successfully opened an NRO account from outside and had someone in India deposit cash into that following the procedure outlined above (letter, id etc..?). I was 90% there with my account opened and a person take money to the bank with my letter etc.. only to be told by the bank that they need to bring MY PAN Card to the bank to associate with the newly opened account as it was opened remotely. I have a NRE account already at the bank. Despite my requests over the phone, they would not accept the deposit unless, the PAN card was presented. I cannot imagine how one can mail / courier a PAN card with all the risks of losing it in transit. I was also told that the letter should contain the count of notes by denomination and that the newly opened account must have the first deposit through a transfer or a cheque before they can deposit cash. These details are not widely known. Net-net: If you are an NRI living outside India and did not have an NRO account opened prior to Nov 8th, you are screwed.

    ReplyDelete
  9. Can a non resident Indian having a different nationality, but also holding a PIO/OCI card visiting India prior to June 30,2017; authorize any of their local relatives or friend deposit the Rs.500 or Rs.1000 old notes in their personal savings or current account?
    Since an NRI does not have an NRE/NRO account nor has an Aadhaar card or any other Indian government ID proof accept PIO/OCI card.
    Probably they are many who does not require an Indian government ID proof because of them holding a different nationality but only have the PIO/OCI card. Please advise.

    ReplyDelete
  10. I have a simple question, not relating to NRI/NRE - relating to normal indian citizens resident in India.
    After the new rules set up for demonetization, is there a limit on bank to bank (cheque) transfers, or demand draft transfers between two banks in India?

    ReplyDelete
  11. Is there a limit to do transfer between banks by DD or cheques? Not speaking of MRI/NRO/NRE, just normal Indian residents. Thank you

    ReplyDelete
  12. NRI now only allowed 25000rs and PIO/OCI are not even allowed 1rs to be deposited.
    Please sign this petition to save your hard earned https://www.change.org/p/reserve-bank-of-india-and-pm-modi-demonitisation-rules-unfairness-towards-nri-s?recruiter=false&utm_source=share_petition&utm_medium=copylink

    ReplyDelete
  13. I became Canadian a year ago. I was in India(Hyderabad) from Dec 26 to Jan 12. I had few 500 old bills and attempted to deposit in RBI HYD. I was told that RBI HYD is not a center. I am back in Canada now. Please let me know how I can proceed to get my money exchanged. Please note that I am not a NRI
    Thanks

    ReplyDelete
  14. The date to exchange old currency notes is extended for NRIs from 31st March to 30th June but you can only do in your personal capacity i.e. you cannot exchange money for others. You also need to carry proof that you were on abroad during the first exchange period e.g. until 31st December 2016.

    Also, don't carry more than 25K cash in old notes to avoid custom troubles in India.

    ReplyDelete
    Replies
    1. What about people who cant make it till June30?

      Delete
  15. Hi Team,

    I am from NZ , is it mandatory to have a NRO account to get the money to be deposited by RBI or RBI can deposit in my normal saving Indian bank account with KYC ?

    Thanks

    ReplyDelete
    Replies
    1. Hello Anonymous,
      Yes, you would need an NRO Account to deposit the old currency notes to your bank account. Btw, the deadline has now increased till 30th June but you have to be personally present in RBI office to do this conversion.

      Also, max limit is 25K and you have to declare this to customs when you land in India.

      One more thing to remember is that post 30th June, you cannot keep old currency notes or transfer to anyone, it would attract a fine of Rs 10000 INR or 5 times the value of money.

      Delete
  16. Hi Javin what about nri who cant come to India before 30th June?

    ReplyDelete
    Replies
    1. Hello @Anonymous, this is I believe the last chance to convert/exchange/deposit specified bank notes to bank. After this period, it would attract penalties to even keeping those Rs 500 and Rs 1000 notes.

      Delete
  17. Hi we live in ahmedabad and RBI does not avail the facility of note exchange in Ahmendabad. We have 15000 rs only for which if we need to go Delhi or Mumbai, that is absolutely ridiculous with the expense of 5000-7000 rs. Can you help me with that?

    ReplyDelete
    Replies
    1. Hello @Avani, there is no other way, apparently, you cannot even authorize someone to deposit your cash on behalf of you. The best way is to when you return India, you halt in Mumbai, Delhi or wherever you come first and finish this job. It's only worth if all the pain you take and expense you made worth. For example, if you have to travel or stay in hotel, I don't think it's worth.

      Delete
  18. What u mean last chance javin? We did not even get first chance how come its the last??? Can u fix it?

    ReplyDelete
    Replies
    1. Hello @Anonymous, you are spot on :-) but this is what we have got at the moment. I indeed had hoped that NRI could have convert their money at overseas ....

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    2. but there was no option to convert abroad. This really sucks. Can we not have a twitter voice on this?

      Delete
  19. I am a NRI having an OCI. I traveled to India on the 11th Jan, but unfortunately, the amount of 16,000 old currencies I had was not endorsed in the passport, nor was it exchanged at RBI at Calcutta branch - reason was because I was not an Indian citizens. This is against everything that was initially announced by the Govt. What options do we now have to exchange this amount.

    ReplyDelete
  20. Entered India on the 12th of Jan with 16,000 old notes. Customs refused to endorse this amount on the passport and the RBI refused to exchange this amount in Calcutta, although I am a NRI. However they refused on the premise that i was not an NRI with Indian passport, but having an OCI. This flies against everything the govt first announced that the exchange dates for NRI was till 30th of June. Further, it is clearly mentioned on the OCI about equal parity with Indian citizens for all economic and financial aspects, except owning agricultural land, and voting rights. What options do we have?

    ReplyDelete
    Replies
    1. Hello Madhurie,
      That's seriously bizarre, I didn't expect that. They shouldn't hassle people for such small amount of money, that too very legitimate. You are right on OCI part that they have very much equal rights when it comes to banking and financials e.g. they can open NRE or NRO account and operate them.

      Unfortunately, I don't know any way, one thing you can try is to use Twitter, I have seen lately that Twitter has helped many Indian reaching to people whose decisions matters.

      I still hope Government will listen and your hard earned money will not go down as piece of paper.

      Delete
  21. Friends lets fight for our legitimate white money for which we did not even get one fair chance. Please spread and sign the below peteion far and wide and lets tweet as much as we can. Let the government know through social media that they can not take NRIs for granted

    https://www.change.org/p/reserve-bank-of-india-and-pm-modi-demonitisation-rules-for-nri-s-pio-s-oci-s-not-allowed-to-deposit-even-a-single-rupee?recruiter=176709864&utm_source=share_petition&utm_medium=email&utm_campaign=share_email_responsive

    ReplyDelete
  22. OCI / PIO holders should get to exchange old Rs 500 and Rs 1000 notes during the 6 month grace period, similar to NRI’s.
    I have nearly Rs. 23,000 in my possession. This is my hard-earned money, I acquired through honest hard-work and putting in long hours at work. It will be painful if I lose my hard earned money like this.
    I expect to be treated fairly by the Indian Government. When RBI had published on various websites that extra time will be given to NRI’s who are abroad, I had believed this option will be extended to OCI and PIO status also.
    After acquiring Canadian citizenship, and OCI status in India, I still have attachment and strong ties with India. This will always be there. I still feel India is also my country in addition to Canada. My parents and relatives are settled in India.
    I am planning on business ventures with India, and plan to settle there, post-retirement. India gets a lot of foreign currency remittances from OCI and PIO status foreign citizens. Majority of OCI and PIO status foreign citizens have been Indian citizens in the past. These people are a big asset for India. India can reach out to us when needed. But the Indian Government needs to maintain the trust by treating us fairly.
    We feel disowned and being given the cold shoulder. This will create unnecessary bitterness among the Indian diaspora settled abroad.
    The reason why OCI and PIO status foreign citizens keep some Indian currency (around Rs 25,000) when they leave India, is to be able to pay for taxi fare, hotel and other expenses when they land in India the next time and come out of the airport. And not because we are laundering any black money or any other illegal activity.

    I would strongly request that the 6 month extension for exchanging up to Rs. 25,000 in old demonetized notes be extended to OCI and PIO status holders also, if they have not been to India after Nov 8, 2016. After we have declared the amount on the “Customs Declaration Form” and shown it to Customs officials who can count them at the Port of Entry, then the chance of any money laundering are slim to none.
    I support PM Mr. Modi’s quest to rid India of bribery, corruption and black money.
    I hope to be treated fairly by the Indian Government and be allowed to exchange my old demonetized notes after going through all the checks and measures as other NRI’s will be going through.
    OCI / PIO holders should get to exchange old Rs 500 and Rs 1000 notes during the 6 month grace period, similar to NRI’s.
    I will be deeply disappointed with the Government of India if the Grace period is not extended to OCI / PIO holders as well.

    ReplyDelete
    Replies
    1. I am with you on this. OCI and PIO should be treated as NRI in this case because to be fair, there wasn't an option to exchange the currency at overseas and it's ridiculous to travel India just for the sake of currency conversion. The longer the time, the better anyone can plan the travel. I hope Government will realize this sooner.

      Delete
    2. Not everyone can travel by the deadline. They cant force people to spend lakhs in tickets just to deposit few thousands. There should be fair provisiins made either locally abroad or allow NRI OCI to exchange money whenever they can come to India if they were out during the demonetization period.

      Delete
  23. भारत के प्रधानमंत्री नरेंद्र मोदी जी के नाम सार्वजनिक पत्र
    आदरणीय प्रधानमंत्री जी नमस्कार,
    सर्वप्रथम मैं भारत सरकार द्वारा उठाए गए नोटबंदी के अभूतपूर्व एवं ऐतिहासिक निर्णय का स्वागत करते हुए भारत सरकार का अभिनंदन करती हूँ.सरकार द्वारा लिया गया यह निर्णय निश्चित रूप से भारत और भारत वासियों के भविष्य को एक नई दिशा प्रदान करेगा।
    आदरणीय मोदी जी,आज मैं आपका तथा आपके मंत्रिमंडल के कुछ सम्मानित सदस्यों का ध्यान नोटबंदी से जुड़े हुए भारत सरकार के एक निर्णय की ओर दिलवाना चाहती हूं जिसके कारण भारतीय मूल के उन लोगों पर जिनके पास विदेशी नागरिकता है बहुत गहरा प्रभाव पड़ा है.
    नोट बंदी के चलते भारत सरकार ने यह फैसला लिया है कि कोई भी अनिवासी भारतीय 30 जून 2017 तक रिजर्व बैंक ऑफ इंडिया में जाकर अपने पुराने नोटों को बदलवा सकता है, किंतु मुझे यह कहते हुए अत्यंत खेद हो रहा है की भारतीय मूल के वह लोग जिन्होंने अब विदेशी नागरिकता ले ली है इस निर्णय के अंतर्गत नहीं आते हैं जिस कारण उन लोगों को बहुत असुविधा का सामना करना पड़ रहा है.
    जब भी विदेश से कोई व्यक्ति भारत आता है तब उन्हें प्रायःविमान से उतरने के बाद कुछ मूलभूत आवश्कताओं के लिए भारतीय मुद्रा की आवशकता होती है ( जैसे की टैक्सी भोजन या फिर रहने के लिए होटल इत्यादि) इस कारण कुछ लोग जिनका विभिन्न कारणों के चलते अक्सर भारत में आवागमन लगा रहता है, अपने पास कुछ भारतीय मुद्रा रखते हैं जिससे वे जब भारत में जाए तो उस मुद्रा को प्रयोग कर सकें (यहाँ में एक बात और जोड़ना चाहती हूँ की अक्सर एयरपोर्ट पर मनी एक्सचेंज रेट कम होने के कारण तथा मनी एक्सचेंज फीस को बचाने के लिए भी बहुत से लोग अपने द्वारा बदलवाई गई मुद्रा को अपने पास सुरक्षित रखते हैं)
    भारतीय मूल के ऐसे कई लोग हैं जिन्होंने विदेशी नागरिकता अपना ली है, किंतु फिर भी उनका भारत में आवागमन लगा रहता है,उनमें से ज्यादातर ने अपनी मेहनत से कमाए हुए धन के बदले में वे भारतीय मुद्रा प्राप्त की थी जिसे अब भारत सरकार ने अमान्य कर दिया है, किन्तु बड़े दुख के साथ कहना पड़ रहा है, कि क्योंकि उनके पास विदेशी पासपोर्ट है इस कारण अब वे उन रुपयों को बदलवा नहीं सकते।
    मेरे अलावा ऐसे बहुत से लोग हैं जिन्होंने अपने खून पसीने और ईमानदारी से कमाई विदेशी मुद्रा के बदले में भारतीय रुपयों को प्राप्त किया था और अब वे अपने उस धन को मिट्टी बना दिए जाने पर विवश हैं।
    काले धन पर लगाई जा रही रोक अच्छी बात है, किंतु सरकार को इस बात का ध्यान रखना आवश्यक है कि कोई भी ऐसा व्यक्ति जिसने इमानदारी से कमाए हुए धन से भारत के नोट प्राप्त किए थे, जो कि भारत सरकार द्वारा 8 नवंबर 2016 से पहले मान्य एवं प्रचलित थे, उन लोगों को अन्य लोगों की भाँति ये अधिकार अवश्य प्राप्त होना चाहिए कि वह एक सीमा तक अपने पुराने नोटों को बदलवाकर भारत सरकार द्वारा चलाये गए नए नोट प्राप्त कर सकें या उस धन को अपने बैंक खातों में सुरक्षित कर सकें, किन्तु मुझे खेद है, कि ऐसा ना करने के कारण भारतीय मूल के विदेशी नागरिकों को निराशा एवं हताशा का सामना करना पड़ रहा है.
    आदरणीय मोदी जी आप पूरे विश्व में जाकर न केवल अन्य देशों से भारत के संबंध सुदृढ़ करने के भरसक प्रयास करते हैं, अपितु अपनी दूरदर्शिता एवं वाक्पटुता से वहां बसे भारतीय मूल के लोगों को भी बारंबार भारत आने का निमंत्रण देते हैं. कभी मेक इन इंडिया के नाम पर, कभी अन्य कार्यक्रमों के द्वारा आप तथा आपकी सरकार भारतीय मूल के विदेशी नागरिकों को सदैव भारत में आने के लिए आमंत्रित करते रहते हैं किन्तु मुझे ये कहते हुए अत्यंत दुःख हो रहा है,कि भारत सरकार के द्वारा भारतीय मूल के नागरिकों को इस प्रकार उपेक्षित किया जाना अत्यन्त निंदनीय है और इस निर्णय से विदेशों में बसे लाखों भारतीय मूल के लोगों के मन में भारत सरकार के प्रति विशवास में कमी आई है । मैं इस प्रकार के भेदभावपूर्ण एवं अन्यायपूर्ण निर्णय की कठोर शब्दों में आलोचना करती हूँ और भारत सरकार से इस विषय पर अविलंब उचित कार्यवाही करने का अनुरोध करती हूँ.
    मुझे आशा है की आप तथा आपकी सरकार
    अपने निर्णय पर पुनर्विचार करेंगे एवं तत्काल प्रभाव से उचित कार्यवाही के द्वारा इस निर्णय में सुधार लाएंगे।
    धन्यवाद सहित
    निधि कुश भार्गव

    ReplyDelete
    Replies
    1. Well said, Nidhi Kush Bhargav, but you may wanted to say that people keep money with them because of in-favorable exchange rate at airport due to high commission.

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    2. Not only that according to Fema guidelines an NRI can officially carry in and out 25k per visit. So they should have made valid provisions for atleast that legal amount set by them??? Whether to exchange at airport or no is our choice. They should atleast protect our legal allowed amount?

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  24. “The Ministry of External Affairs” in India handles OCI / PIO Related matters and concerns.
    This also applies for foreign tourists in India. They will address and remedy your concerns.

    All OCI / PIO holders are advised to contact The Minister of External Affairs – Mrs. Sushma Swaraj for all their concerns.
    Twitter may be a good avenue. Also try all other avenues possible.

    The Minister of External Affairs – Mrs. Sushma Swaraj twitter account is:
    https://twitter.com/SushmaSwaraj

    ReplyDelete
  25. Hi
    I am a nri..I have some money around 20000 in India.we were planned to come this March.but everything changed so we are not able to come India this year.can my parents exchange old banknotes before June 30.

    ReplyDelete
    Replies
    1. Hello @Aiswarya, No, you have to be physically present to do the transaction as this scheme is only for NRIs.

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  26. What if I have a bristish passport can I still exchange the old rupees?

    ReplyDelete
  27. If I have a British passport can I still exchange my old notes

    ReplyDelete
    Replies
    1. Sorry Sharan, you cannot exchange old notes now because the 30th June window is only for Indian passport holders returning from abroad.

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  28. Sir, I am NRI with NRO account in SBI. I have old currency withdrawn from my account. My son is joint holder , and is also NRI. He is travelling to India in March. can he deposit in RBI? does he have to declare at airport customs?
    do I give him copy of my pan card, passport etc.?

    ReplyDelete
    Replies
    1. Hello @Anonymous, if he is joint account holder then sure he can deposit the money to account after going to RBI, but I am not sure whether your NRO account can be operated individually or need both of you. It generally depends how you open joint account, in general, anyone can operate.

      Yes, you can give him copy of PAN card and Passport just in case.

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  29. Dear sir,i am NRI living in London.I have some cash in India in the form of old currency. I am going to India this month.Can I get the declaration form at the airport as I am not carrying the cash with me, although I know the exact count.
    Thanks

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  30. Respected Sir
    My aunt currently living Canada and having an Indian passport is coming to India next week.
    She has 29000 in demonetized notes and wishes to exchange these for rupees.
    I understand that the old 1000 rupee notes and 500 rupee notes can be exchanged by NRIs for new notes until June 30th as long as they were not in India in November to December of 2016.
    NRIs have to declare the demonetized notes to the customs officer at the Delhi Airport. Then they have to go to RBI branch in Delhi and that branch will deposit funds in the NRO account.

    My aunt has not visited India in 2016.
    She has a bank account at SBP but it is not an NRO account.
    Can SBP open an NRO account without her having to be present at her branch? She is 86 years old and it would be very difficult for her to go back and forth to Delhi.



    Thank you.
    Sunita

    ReplyDelete
    Replies
    1. Hello Sunita, Yes, she can open NRO Account online and many banks provide pick-up service e.g. Kotak Mahindra from Overseas as well, but I think she can only exchange upto 25K INR but may be you can try it out.

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