Indian Embassy urges NRIs not to panic over demonetisation

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The Indian government has hit hard on the knuckles of expatriates with its call to demonetise Rs 500 and Rs 1,000 notes, but an Indian Embassy official said people needn’t press the panic button as there will be more clarity in few days on the way forward.

Expatriates in the UAE are looking at all possible means to exchange their money or send the couple of thousands in hand back to India.

“In due course of time this will be a good move for the country,” the official source told Khaleej Times.

“Of course, these are tough times but there are guidelines that can be followed to get through. We have shared speeches made by Prime Minister Narendra Modi and President Pranab Mukherjee on our Facebook page.”

According to the official, people can make use of NRO accounts, take permissible money back to India, authorise a person to deposit money back in India to get through this period.

“There is time till December 30. The government’s move is in the right direction. People are suffering now but in the long run this will be beneficial,” the official said.

“India is a developing country and needs to make more use of plastic money. This move by government will help in this regard,” the official added.

- Published on 14 November 2016 - Source : Khaleej Times

4 Comments

  1. It does not make any sense that NRI has to travel to India to exchange old currency. RBI should instruct local Indian banks abroad to accept such currency sooner than late! So far it is all chaos

    Kuldip
    Australia

  2. You are correct , it does not make any sense, for small amount of money ,we will request leave from company n take tickets for travelling to India.it must be available outside of India.

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