Demonetization! Why NRI shall deposit old Notes in RBI Delhi Chennai Kolkatta Delhi Mumbai
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There are millions NRI working in Gulf countries and many of them have demonetized currency notes (old 500 & 1000 denomination) but they could not exchange these notes when Indian Government declared its cancellation because the Indian Government did not make any arrangement through Indian Embassy. Some people sent the demonetized currency through a friend or relative visiting India but that currency were deposited in the concerned persons account. Which is an incorrect process but cannot be blamed the individual persons as they did not have any option to NRI other than depositing it till June 2017 in specified 5 RBI branches only. The above notification by the Indian Government does not help the NRIs due to the following reasons:
There are many uneducated labors, skilled workmen, domestic helpers, welders, masons, electricians, carpenters, welders, car mechanics, plumbers, drivers, janitors, heavy equipment operators, etc. who cannot read & write and difficult to complete the process at the arriving Airport.
The above said categories are not entitled for a yearly vacation and some get vacation and Air ticket every 3 years. If he cannot travel before June 2017 then the currency is useless rather he will be punished for keeping the scrapped currency.
Many people have connecting flights because everybody does not live in the city where International Airport is available. They again have to travel by bus or train and it takes 2 days or more to reach their destination provided they are able to reach Railway station or Bus station and have a prior reservation of seat and reach in time to catch the particular train or bus in time otherwise another one or two days delay.
Even if some NRI are lucky enough to travel before June 2017 then they have to spend at least two days in the city where notified RBI is available and if it happens to be weekend then they will have to spend more than 3 days and spend money for boarding & lodging.
Declared RBIs are Nagpur, Mumbai, Kolkata, Chennai and Delhi. Suppose a NRI resident of any village of Karnataka or AP or Telangana or Orissa is required to travel to Chennai to deposit the demonetized currency.
NRI to deposit has to spend 5000 or more for travel, transport and hotel. And for less than 10000 it will not be feasible plus he has to spend 2-3 days which cut shorts his vacation period.
Hence it is recommended to facilitate NRI to exchange the demonetized notes through Indian Embassy or facilitate depositing in their respective accounts.
Otherwise allow the corresponding banks to accept the old notes where a NRI has his account h (NRO A/c or ordinary a/c) with customs declaration and attested form.
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