Demonitization for NRIs /OC- wrong interpretation
I read the RBI FAQs on the demonitization and also GOI notificaiton on OCI.
I think that there is a big disconnect between the two. GOI states that OCI and NRI are at same status for most things except for matters pertaining to Agriculture.
RBI notification and FAQ says that OCI cannot exchange notes. . Is this a way for the Government to write off these monies?
Memory is short. People will forget , but the principle is wrong.
If the rights are the same then OCI should also be allowed to exchange the notes and not left out.
We were forced to change our PIO cards to OCI- frankly this was wrong as NRIs are "People of Indian Origin" but NRIs are not "Overseas Citizens of India".
Our NRI status should not change.
Please bring this up to RBI and your bank managers.
I plan to visit India next week and have some old currency - I will be screwed more
I think that there is a big disconnect between the two. GOI states that OCI and NRI are at same status for most things except for matters pertaining to Agriculture.
RBI notification and FAQ says that OCI cannot exchange notes. . Is this a way for the Government to write off these monies?
Memory is short. People will forget , but the principle is wrong.
If the rights are the same then OCI should also be allowed to exchange the notes and not left out.
We were forced to change our PIO cards to OCI- frankly this was wrong as NRIs are "People of Indian Origin" but NRIs are not "Overseas Citizens of India".
Our NRI status should not change.
Please bring this up to RBI and your bank managers.
I plan to visit India next week and have some old currency - I will be screwed more
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Dear Mayur ji, i have no personal issues with you and I did not reply to you as an ignorant person. For your information, I had been NRI for more than 30 years and has just reurned to India after retirement from Oil sector. I have traveled in more than 50 countries and I have never felt the need for carrying cash more than some petty cash for first day/night of travel, including in India. I have never carried cash with me abroad more than 2-3K rupees. Therefore,what I wrote was based on my personal experience. Only those people carry so much cash with them like 50K or so who do dealing in cash only and money is not accounted for. I am sorry to say that if it hurts you. more
Jan 19
Mr Brij Your questions amaze me. Do you travel often? Do you know the airport conditions in the past and even today. Ask SBI for how long was their ATM down in 2015. Taxis need cash, hotel needs deposits - we land usually late nights & past midnight. Without cash in hand one is screwed. When we leave it is night flight-which bank open. Money changers at airport rape you on the rates. We need c ash for food and shopping in airports. Small amounts of cash have always been allowed and customs is aware as they see my pouch,wallet. India is the only country which says cash cannot be allowed to be taken out but do not understand the above logistics passengers face. Do you know rupee is freely available (displayed on open screen) in Singapore money changers counters even since I learnt of foreign exchange? It is freely available in Dubai and perhaps other countries. Even the exchange in airport told me once that customs won't bother us for small amounts. Mine is less the Rs50k - which buyers 3-4 days of hotel,food,transport . You really need to check and understand the facts and actual issue before thinking that NRIs are cheating the country. This black money biz is within India and Indian businessman, not working class people like me. We contribute to the economy by Travelling to India and you make such statements . more
Jan 19
Mayur ji, can you please explain why an overseas citizen who does not hold an Indian passport, needs to carry cash currency with him when he departs from INDIA. If an OCI is doing business in India as an NRI, then he should deal in cheque or electronic payments only. He should not carry so much cash with him abroad since their visits to India are very limited and having business contacts in india, always have some body in India to look after their immediate cash requirements. more
Jan 19
