Sunday, 13 November 2016

What should NRIs do about demonetization issues? A quick solution for them

500 and 1000 currency notes are banned after the government announcement on Indian Economy!This adapt of PM Modi was taken on 8th November at midnight and the news got preached rapidly across every city and every lane.
Three days have passed and people are somehow facing problems in withdrawing and depositing. Only 2000 limited amount is allowed at ATMs per day per card. Up till 24th November, old high denomination notes exchanged for cash only up to a limit of RS.4000/-. Exchange of old high denomination notes can be done at RBI or commercial banks or post offices and sub-post offices. You need to show valid identity proof at these banks before you do the exchange. This rule is applicable to all of them who are holding 500 or 1000 notes.
Not just Indian residents, NRIs are now becoming main victims of this move. But, NRIs can deposit their amount to nearest NRO account while foreigners may have face difficulties. RBI had announced that within 72 hours after this move, they can do a purchase of RS.5000/- at the airport exchange counters by showing their proof of purchasing notes. Also, purchase place for foreigners are only at airport exchange counters.
Announcements for Indians or NRIs are very clearly said by RBl but for foreigners, it seems there are lack of precision in the statement. NRIs, who are out of India can exchange their old 500 and 1000 notes at nearest India Banks. NRIs inside India can follow the rule for Indian resident and may go to any one of the bank or even where they do not have their accounts. Banks are expected a valid identity proof or bank account details.
If any one of them is not able to exchange their money before 30th December can go to their nearest RBI branch to appeal for the same along with necessary documents may asked by Reserve Bank of India.
Every mouth has an ambiguity about single announcement on this move. While I tried to keep this information as accurate as possible. Do a deep research on this before you decide on something and share this information with others who cannot reach to it.

Disclaimer: Everyone is requested to keep this information as a source of knowledge and before deciding anything kindly take advice from a financial consultant.

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