This post was originally published on 28 January 2017.
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) cardholders 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 cardholders 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.
“We urge you to agree to the requested concession for the 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.