Venkat Raman –
The US-based GOPIO International has sought the signature of the People of Indian Origin (PIO) to a petition being sent to India’s Prime Minister Narendra Modi requesting acceptance of demonetised currency notes of Rs 1000 and Rs 500 denomination with effect from the midnight of November 8, 2016.
These are now known as Specified Bank Notes (SBNs).
GOPIO International President Dr Thomas Abraham said that PIO should be treated on a par with Non-Resident Indian (NRIs) who are now allowed to deposit up to Rs 25,000 with the Reserve Bank of India (RBI).
NRO deposits
“Some of the NRIs (those holding Indian passports), PIO and OCI card holders have old currency notes safely kept in their residences in India for reasons such as education of their children in India, supporting old age parents and helping family members. The RBI and commercial banks that hold Non-Resident Ordinary (NRO) accounts must be allowed to accept the old currency notes up to Rs 250,000,” he said.
“Since all Indians holding PIO and OCI card may not be able to visit India prior to June 30, 2017, they should be allowed to deposit old currency notes at either the RBI or NRO Accounts maintained with various banks in India up to December 31, 2017,” Dr Abraham added.
GOPIO Oceania Coordinator and Waikato GOPIO Founder-President Suman Kapoor said that her Chapter fully supports GOPIO International.
“I have also received a large number of petitions from people in this origin. I request all those people of Indian origin to support this petition. It is necessary to be a member of GOPIO to do so,” she said.
What the Reserve Bank of India says
On January 24, 2017
An updated Ordinance of Reserve Bank of India (issued on January 24, 2017) in Mumbai announced that grace period has been allowed for Indian Residents who were not in India between November 9 and December 30, 2016 and that they can deposit the SBNs at the RBI Offices in Mumbai, New Delhi, Chennai, Kolkata and Nagpur un to March 31, 2017.
Non-Resident Indians (NRIs) who were not in India during the above-mentioned period can deposit the SBN up to June 30, 2017.
“The Reserve Bank, if satisfied after making the necessary verifications, that the reasons for failure to deposit the notes till December 30, 2016 are genuine, will credit the value of notes in the KYC (Know Your Customer) compliant bank account of the tenderer,” the notification said.
The Process
“While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant Foreign Exchange Management Act (FEMA) Regulations. In terms of Section 6 of the Ordinance, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher. Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her,” the notification said.
Only for Individuals
The facility can be availed only in individual capacity and only on one occasion during the period. No third-party tender is permissible under the facility.
This facility will not be available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO) are not eligible.
Additional Reading: Our Editorial: Will India consider exemption to foreigners?’ under Viewlink.
