Indian diaspora seeks PM’s help over demonetised currency

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The Global Organisation of People of Indian Origin (GOPIO) has pointed out to Prime Minister Narendra Modi that diaspora Indians are being turned away by Reserve bank of India from depositing their demonetized currencies, despite the extended deadline for NRIs being till June 30, 2017.

The organisation said that after standing outside for several hours, Indians with foreign citizenship were being told by the RBI that only NRIs with Indian passport can go inside and exchange the scrapped Rs 500 and Rs 1,000 notes.

  • The body requested the Prime Minister that Diaspora Indians with foreign citizenship, and Person of Indian Origin (PIO) and Overseas Citizens of India (OCI) card holders be given the same opportunity for depositing old currency notes as given to NRIs (Indian Passport holders), allowing them to deposit up to Rs 2,50,000 of Indian currency in the RBI instead of notified amount of Rs 25,000.
  • The appeal further states that Diaspora Indians (who are not able to visit the country) should also be permitted to deposit money in their bank account in India through an authorised agent.
  • The GOPIO also said that since all Diaspora Indians with foreign citizenship, PIO and OCI card holders may not be able to visit India prior to June 30, they should be allowed to deposit old currency notes at either the RBI/NRO accounts maintained with various banks in India up to December 31.

The appeal addressed to the PM states, “You have repeatedly acknowledged the role of NRIs/PIOs and expatriates in the resurgence of India and their record annual remittances to India which is the highest compared to any country in the world.

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“We urge you to agree to the requested concession for goodwill of 30 million NRIs and PIOs and amend the notification,” the organisation said.

“Expecting millions of Indian nationals to return back to the country just to drop back dead notes is inconvenient and ineffective. Therefore, a localised solution through any of the Indian banks or embassies abroad would be a viable alternative,” the statement said.


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Published on 28 January 2017 (With inputs from IANS)

6 Comments

  1. Mr. president did not clarify anything about 25,000 limit for NRI after
    December 2016 , he also did not say about only 5 RBI branches in India. Had
    NRI known that then many people would have planned to come to India before
    ending December 2016. Now, why RBI is only allowing 25000 Rupees limit where
    Return tickets to come to India from abroad ( USA ) is at least 75,000 – 1
    Lakh rupees for just economy class . So, it is not worth at all to go to
    India to deposit just 25000 Rupees. They are scare to loose their hard
    earned money. Mr. P.M. And RBI should help them out by increasing limit to
    at least 1 lakh or more . Or it should be allow them to deposit under 2.5
    lakh like they did it before December 31-2016 with showing proof or source
    of income ! Some people said that they found old notes of 1lakh in their
    home/locker. So how are they able to deposit or exchange it? Friend of mine
    , got the money from bank because he needed to pay someone but was not able
    to give it on that day evening due to having flight & was not able to go to
    the bank due to having flight in few hours, needed to pack bags and in that
    chaos , had to bring money back in emergency. That’s not small amount to
    loose. They are terrified about loosing their hard earned money. Please ,
    try to understand before making this kind of unnecessary rules. Please find
    out the source, have them use PAN card or whatever necessary documents.
    Also, why certain branches of RBI ? People in Gujarat will have to go to
    Mumbai or Delhi for those listed RBI branches and for that they they will
    have to spend 20,000- 35,000 just to deposit 25,000 Rupees . That doesn’t
    make sense at all. First of all most NRI is able to get only 2-3 weeks of
    leave , in that if women alone doesn’t go to Mumbai /Delhi alone so, she has
    to take someone with her for her safety so that will be extra costs ( Train
    tickets, hotels, food etc) ! Government should think about all this before
    making harsh decision. Please , Increase the limit under 2 lakh then it’s
    not a problem to travel to go to Mumbai or Delhi or any in 5 listed branches
    in India. Our humble Request on behalf of al NRI’s and people who were
    abroad during that time to request our Government of India to Increase the
    limit to at least under 2 or 2.5 lakh.

    Thank you and hope that you pass this message on behalf of all NRI people.

    Sincerely,

  2. NRI With holding foreign passport , OCI / PIO holders should allow to deposit their hard earned money same way as Normal Indian people after all they are Indians too . Government of India should help them just like any Other Indian person. Those NRI with foreign passport holders are not able to come to the country more often therefore they should be able to get same privilege as people who resides in India who deposited their money in any bank or branch without any limit or under 2,50,000 Rupees of old 500 & 1000 notes.

  3. STOP ASKING A THIEF TO PAY YOU BACK! MOST OF US EXCHANGED OUR HARD EARNED FOREIGN CURRENCY TO GET WORTHLESS PAPER?
    Be wise and dont exchange more than you need;
    dont invest in India as the Govt and RBI do not play by the rules of common sense?
    Most nri and oci people are not involved in black marketing; so whats the point of punishing them.

  4. Absolutely true. But no ones gonna do anything, the govt does not want to. The RBI n govt authorities r highly learned in these money matters. The fact that they have not made any provision for nris means they donot want to. They r enjoying to rule n showing their power.

  5. Why British passport holders are ignored and turned back from rbi Mumbai? Do modi and rbi governor trust Indians?

  6. It is regrettably seen that procedure actioned by the RBI for the NRI of their demoneytised money upto even Rs 25000 is draconian and only be classed as done by the brain drained establishment !

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