Browsing: Demonetisation

No second chance for NRIs to deposit demonetised currency: Sushma Swaraj

External Affairs Minister Sushma Swaraj has ruled out any new window of opportunity for NRIs or people of Indian-origin to deposit their high value Indian currency which was declared illegal after the demonetisation policy, a statement said today. Swaraj made these remarks during her interaction with a delegation of Global Organisation for People of Indian Origin (GOPIO) during her trip to New York last week, a media statement said. “Swaraj informed that the government had provided the time window for Non-Resident Indians (NRIs) who are Indian citizens to deposit their currencies earlier. However, that window was not open for Diaspora Indians with foreign citizenship and the government would not be able to provide another such chance,” the GOPIO statement said. Prime Minister Narendra Modi announced his demonetisation policy on November 8 last year, banning old currency notes of Rs 500 and Rs 1000 denomination. According to GOPIO, overseas citizens of…

Demonetised notes being sent abroad by courier: Customs

The customs department has unearthed a new modus operandi of sending demonetised Rs 500 and Rs 1,000 notes abroad by courier to get them converted here later. After these high denomination notes were taken out of circulation by the government in November last, Non-Resident Indians (NRIs) were given a longer window till June 30 to get them exchanged, whereas citizens who were in the country at that time were allowed to deposit the old notes till December 30, 2016. Customs officials have registered a few cases, where demonetised banknotes were sent abroad by courier, and seized over Rs 1 lakh in such notes, a senior official said on Sunday. People were found trying to send the old notes abroad by falsely declaring them as articles such as books, he said. “The aim could be to take help of their relatives or friends abroad to get the old notes exchanged with…

Indian diaspora seeks PM’s help over demonetised currency

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…

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

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…

Editorial: 6 reasons why RBI’s extended deadline will not help most NRIs

After several weeks of confusion and thousands of distress calls from Non-resident Indians (NRIs), Reserve Bank of India on Saturday announced that NRIs can exchange old Rs 500 and Rs 1000 notes till June 30, 2017. The announcement came as a relief to many NRIs who possess demonetised currencies of Rs 500 and Rs 1000 with them. However detailed explanation of the RBI requirements reveal that the extension will not be helpful to majority of NRIs abroad. Here are the reasons: 1. Facility only in 5 RBI offices Unlike what many social media messages claim, the exchange facility for NRIs is not available in regular banks and all RBI offices. If you approach your regular bank with demonetised currencies, you will be disappointed. The extended exchange facility for NRIs will be available ONLY through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. It has to be noted that Reserve Bank…

Travel Alert: NRIs need to show old notes to Customs, Fill declaration form

NRIs and Indian nationals abroad can deposit up to Rs. 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped. The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency, a finance ministry notification stated. While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad. The window for Indian nationals who were travelling abroad is till March 31 and for NRIs, it is June 30, 2017. This facility, however, is “subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs. 25,000 per person. Those returning…

Good News! NRIs can exchange old notes till 30 June 2017

In a decision that would bring some relief to NRIs holding demonetized notes, the Finance Ministry on Friday said that non-resident Indians (NRIs) can exchange and deposit scrapped Rs 500 and Rs 1,000 notes at specified RBI offices till 30 June 2017. This comes after President Pranab Mukherjee cleared an ordinance criminalising possession of demonetised notes worth over Rs 10,000. Under the ordinance, holding, transferring, and receiving old notes is illegal and a punishable offence. 30 June deadline only for NRIs The Rs 25,000 limit will also apply to resident Indians who were abroad between 8 November and 30 December, but they will have to turn in the old notes by 31 March at designated offices of the Reserve Bank of India (RBI). “For those citizens of India who are not residing in India, this facility (to deposit notes in RBI) would be available till June 30, 2017 in order to…

New Ordinance: Penalty for holding old notes after March 31

India government on Wednesday approved an ordinance to penalise persons holding demonetised Rs 500 and Rs 1,000 notes after 31 March 2017, when the deadline to deposit these notes at the RBI window ends. Under the ordinance, hoarding, receiving or transferring banned Rs 500, 1000 notes after March 31, 2017 will invite punishment. One can only have a maximum of 10 old notes without penalty. The penalty for holding old currency in excess of 10 notes may include financial fines and a jail term of up to 4 years in certain cases, media reports said. The ordinance, approved by the cabinet meeting chaired by Prime Minister Narendra Modi, will be submitted to President Pranab Mukherjee, currently in Hyderabad, for approval before notification. Ordinance to extinguish liability The ordinance, named as ‘The Specified Bank Notes Cessation of Liabilities Ordinance’, is to extinguish liability of government and RBI on the demonetised high-denomination notes. A PTI report…

New currency worth Rs 28 lakh seized from Dubai-bound passenger

Cash worth Rs 28 lakh in new Rs 2,000 denomination notes was seized from a Dubai-bound passenger at Mumbai’s international airport on Thursday, an official said. The passenger, identified as Ashraf Veetil (30), was about to board a Jet Airways flight to Dubai on Thursday afternoon when he was found carrying the notes in his bag. “When his bags were checked, Veetil was found carrying Rs 2,000 notes worth Rs 28 lakh,” an official of Chhatrapati Shivaji International Airport said. These notes were kept inside his check-in bag, the official said, adding, “These bills were hidden inside a jeans pant, over which he had kept various items like cooker, toys and tissue papers”. He has been detained and is being interrogated in this regard, the official said. -Published on 23 December 2016

Indian-origin MP in the UK urges to end demonetisation stress for NRIs

Virendra Sharma, one of Britain’s senior-most Indian-origin MP, has called on the Indian government to end the uncertainty surrounding demonetisation of Rs 500 and Rs 1,000 notes for NRIs and PIOs. The 69-year-old Labour party MP has received several calls and letters on the issue from his constituents in the heavily Indian-origin area of Ealing, Southall, in south-west London. “Still a month after the announcement of the demonetisation of Rs 500 and Rs 1,000 notes millions of NRIs are living with uncertainty. The stress and strain of not knowing whether families will lose money,” Sharma said. “Thousands of families have a small amount of currency at home, to save exchanging money at the airport. These are the people that are accidentally being punished. Having a few thousands rupees does not make you a money launderer, and still they are suffering,” he added. The India-born MP wants the Indian Government to…

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