NRIs call RBI note exchange extension ‘best New Year gift’

In an ordinance, the RBI extended the opportunity for exchanging demonetised notes for NRIs to June 30, 2017. NRIs can exchange notes having a maximum value of ₹25,000. Some expatriates complained that the initiative could have been announced earlier.

While the demonetisation of ₹500 and ₹1,000 notes on November 8 had left many NRIs in a state of shock given that they had virtually no means to exchange their holdings, the RBI’s special extension for NRIs on December 31 has brought massive cheer.

Speaking to the Khaleej Times, several NRIs termed the RBI’s decision, stretching the deadline for exchange of demonetised notes to June 30, 2017, the “best New Year gift.” Mahmood Multhajim SH, an electrical draughtsman at the ETA Power Project Division, welcomed the move stating, “I have ₹7,500 with me and my annual vacation is from May. Now, I need not lose this amount, which is a big amount for me.” Sachin Hukumchand Chordiya, an employee of Burjeel Hospital, noted that the extension was proof the Indian government was “finally recognising the diaspora.”

However, others still had some resentment on the sloppy handling of the aftermath of demonetisation. Maria Thomas, a housewife, noted that the extension was an “afterthought” and should have been announced long ago. Moreover, some groups have even called for an extension of the exchange deadline to a full year, given the sheer number of NRIs. According to the Gulf News, the UAE itself is home to around 2.6 million Indians, a huge chunk of who carry higher denomination notes with them.

Some NRIs in the UAE have suggested that the Indian government authorise the Bank of Baroda — the only Indian bank with commercial operations in the UAE — to exchange invalid notes. This is an emotive demand given the large number of Indians who are unable to afford yearly visits to India.

For detailed information on how the new currency exchange deadline works, Asianet Newsable has prepared a primer.