Diaspora seeks more time to exchange old notes

The Diaspora comprising Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) has sought extension of the deadline to exchange or deposit the banned notes till December 31. The government had on December 31 extended the deadline to June 30 for the diaspora to deposit or exchange the specified bank notes (old Rs 500 and Rs 1,000) after the November 8 demonetisation. Resident Indians travelling or living abroad temporarily have been given three months (up to March 31) to declare the banned notes they are carrying at airports on arrival before submitting them in designated Reserve Bank of India (RBI) offices across the country. Several overseas Indian delegates attending the three-day biennial jamboree said they normally keep or carry Rs 25,000-50,000 in cash when coming to India for contingencies despite having bank accounts and using debit/credit for payments or transactions. The Global Organi sation of People of Indian Origin also urged the government to extend the deadline to December 30, 2017, for exchanging or depositing the high denomination notes in RBI or SBI.

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