Grace period to exchange notes doesn’t apply to PIO and OCI: RBI clarifies

This post was originally published on 11 January 2017.

Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) left with old Rs 500 and Rs 1000 notes will not be able to exchange them, Reserve Bank of India has clarified.

The grace period until 30 June 2017 to deposit scrapped Rs 500 and Rs 1000 notes is available only for Non-Resident Indians (NRIs) with Indian passport.

In an updated FAQ list on its website, RBI specifically said that PIOs and OCIs are excluded from the scheme.

The list also states that exchange facility will not be available outside India.

According to a report on Times of India, PIOs and OCIs attempting to get their notes exchanged from the central bank are being turned away even though they have not been in India from November 8 to December 31.

Difference between NRI & PIO/OCI

NRI is a citizen of India who holds an Indian passport and has temporarily emigrated to another country for six months or more for work, residence or any other purpose.

PIO is a citizen of any other country but whose ancestors were Indian nationals at least four generations away.

OCI is provided to a foreign national, who was eligible to become a citizen of India on 26.01.1950 or was a citizen of India on or at anytime after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947. His/her children and grandchildren are also eligible for registration as OCI.

Conditions for exchange of old notes

RBI on December 31 designated its five offices – Mumbai, New Delhi, Chennai, Kolkata, and Nagpur – for NRIs to exchange defunct currency notes post 50-day demonetization period that ended on December 30.

The central bank has also imposed certain conditions for availing extended facility for note exchanges.

NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI during the grace period.

There is a limit of Rs 25,000 and a number of documents are needed for submission. You can read more about it here.

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  1. Mam, do you think Indian government cares for OCI card holders. OCI card is a new invention of making money from the Indian people who stays abroad and work hard to make money for living. It is a indirect Tax charged by the Indian government.

  2. What is the use of having OCI card, where we are not treated fairly by the Indian Govt. We have spent so much money to get the OCI card. I think Narendra Modi’s call for make in India is nothing but farce. We should not believe in him.

  3. is any one ask to PM Narendra Modi OCI holder allow to exchange old notes ? He is coming USA this month.

  4. I am in the same situation and an OCI. We all have to write to RBI governor to allow us to exchange our old notes.

    1. There are many of us who have written comments since last year when currency was demonetized. I have emailed to RBI,Mr Modi and sushma swaraj. I have signed the petition and made calls to RBI offices in India but all these have fallen on deaf ears. It is clear that those concerned with taking action are not reading nricafe comments. So I would request NRICAFE to transmit our messages to Indian govt. Because just commenting on this site will not achieve anything other than filling up blog posts. The Indian govt seems deaf to our non stop pleas.

  5. Urge indian government to be fair and allow OCI to also exchange demonetised notes. I have come down to India but am not being allowed to change my old notes that I had brought back to pay for my holiday. This needs urgent attention and addressing.

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