NRIs seek more time to exchange old notes

The Diaspora comprising Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) has sought extension of the deadline to exchange or deposit the banned notes till December 31.

“The deadline should be extended by six months till December 31 as all those having the banned notes will not come to India just to exchange or deposit them by June,” according to Thomas Abraham, a NRI from Dubai.

The government had on December 31 extended the deadline to June 30 for the diaspora to deposit or exchange the specified bank notes (old Rs.500 and Rs.1,000) after the November 8 demonetisation.

Another NRI from Oman said the government should allow the diaspora to deposit the banned notes at Indian embassies or high commissions and credit them in their bank accounts in case the deadline is not extendable after June 30.

“The RBI or overseas branches of state-run banks like SBI (State Bank of India) should be advised to open counters at our embassies in all countries for depositing the banned notes whatever be their number as they are our hard-earned cash,” said Gopalankutty Karnavar, a Muscat-based NRI from Kerala.

The Global Organisation of People of Indian Origin also urged the government to extend the deadline to December 30, 2017, for exchanging or depositing the high denomination notes in RBI or SBI.

Terming the note ban a welcome move, a majority of the diaspora said its implementation was, however, poor as their kith and kin were at the receiving end of the cash-crunch and the economic disruption.

“If the high value notes were banned to fight black money, terror funding, fake currency and corruption, the move is laudable though it exposes the government’s failure to curb the menace through its enforcing agencies,” a US-based NRI told IANS on the condition of anonymity.