India

No grace period for depositing old currency for PIOs/OCIs

Mumbai, January 10: As per the latest update by RBI on its website regarding the extended deadline for deposition of scrapped currency of Rs 500 and Rs 1000, Persons of Indian origin (PIOs) and Overseas Citizens of India (OCIs) cannot deposit defunct currency.

Just a few days ago, Global Organisation of People of Indian Origin (GOPIO) had passed a resolution seeking time till December 30, 2017 for exchange of demonetised Indian currency notes after a two-day convention in the run-up to the Pravasi Bharatiya Divas.

The Association in the resolution noted, “NRIs and PIOs should be given six more months (until December 30, 2017) to exchange the old currency notes at either the RBI or a SBI (as long as they provide documentary proof that they are NRIs/PIOs and they had not visited India between Nov 8, 2016 and Dec 30, 2016).”

This clearly shows that PIOs were expecting that they could submit the scrapped currency till June 2017. But the latest update on RBI’s website under FAQs for Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs 500 and Rs 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 says: The facility is not available to OCIs/PIOs.

The facility is open to Indians who were outside the country between November 8 and December 30 till March 31, 2017 and till June 30, 2017 for Non Resident Indians (NRIs).

PM Modi on Sunday addressed Indian diaspora at Pravasi Bhartiya Diwas 2017 and said “We don’t see the colour of the passports, but the relations written by blood which matter the most.”

“NRIs and PIO have made outstanding contributions. Among them are politicians of great stature, scientists of repute, outstanding doctors, brilliant educationists, economists, journalists, musicians, engineers, bankers and did I mention our well known technology professionals,” said PM Modi.

PM also extended deadline for converting POI card to an OCI card at the event.

Wefornews Bureau

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