Non Resident Indians seek more time to exchange demonetised currency notes
As the December 30 deadline for exchange of demonetised high-value Indian currency looms, Indian expatriates in Qatar are scrambling to get things in order on time.
After local exchange houses decided not to accept demonetised Rs 500 and Rs1,000 notes anymore, Indians have asked for an extension to the deadline for submission of the notes. They say they are unable to travel to India to deposit the notes themselves before the December 30 deadline.
Qatar Tribune reported that the 650,000 Indians in Qatar hold millions of Indian rupees mostly in the demonetised currency.
While Indians at home can deposit old notes, the government has not made any arrangements for people living outside the country, including Qatar, and that is proving to be a pain.
“The Indian government should extend the deadline in the larger interest of the over a half million Indian expatriate community in Qatar,” Adarsh Shenawa, a currency expert at the Doha-based Al Zaman Exchange, told Qatar Tribune.
Doha Bank Business Development Officer Ganeshan Ramakrishnan said the Reserve Bank of India should authorise a local financial institution in Qatar to exchange the old Indian notes.
Doha Bank, which is licenced to operate in India, has sought permission from the RBI to allow the bank to accept the scrapped notes for its customers in Qatar and other GCC countries.
Indian Embassy officials also said that they were awaiting further clarification from the government.
So, if you are unable to be in India before the deadline, you can still exchange the notes, but not at any bank branch, but only at specified RBI (Reserve bank of India) mentioned bank/office. Proving your entry into the country with passport and visa copy .Beware the NRI staying abroad can carry a maximum of Rs.25000/- overseas.