Move to address concerns of Indian expats over old notes, says envoy
MUSCAT: Concerns of NonResident Indians over demonetisation will be addressed, as the Indian government has set up a panel to look into to the issues and find a solution, the Indian ambassador to Oman has said.
“A panel has been set up by the Indian government to look into the issues faced by NRIs regarding the demonetisation. Moreover, we have requested the government to issue an advisory for NRIs regarding demonetisation,” Indra Mani Pandey, Indian’s ambassador to Oman, told Times of Oman.
On Thursday evening, a senior official from State Bank of Travancore (SBT) told
that the Indian government has established a panel.
“The government has set up a special ministerial committee to look into NRI concerns on scrapped notes lying with them. Soon, they will come up with a solution,” said CR Sasikumar, SBT managing director.
“Reserve Bank of India, the central bank of India, is working on it,” the official added.
Foreign branches of Indian banks are not accepting the Rs 500 and Rs 1,000 notes for either depositing or exchanging.
The only way NRIs can deposit or exchange currency is either by travelling to India or authorising someone in writing to deposit the notes into their Non Resident Ordinary (NRO) account, provided they are able to send the money back home or it is in India.
“The authorised person will need an authorisation letter and a valid proof of identity, such as an Aadhaar card, driving licence, voter ID card, passport, PAN card, etc,” the official added.
Limit
An NRI also needs to keep in mind that he is not allowed to take more than Rs 25,000 in cash outside India, under the Foreign Exchange Management Act.
The deadlines and rules are the same for residents and NRIs. There is no limit on the amount one can deposit. But, if the deposit exceeds Rs 2.5 lakh, the NRI may face an inquiry about the source of the money, regardless of whether he files a tax return in India or abroad.
While depositing money in an NRO account, the NRI may need to disclose the source of funds at the branch, itself.