CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!
Jan 14, 2017, 7:16 am
#226
Join Date: Jan 2017
Posts: 3
Certainly, all this venting our frustration here is not going to change anything.
Even mails to RBI office did not bring them to provide a reply.
Since OCI scheme comes under Ministry of External Affairs, can someone contact the Minister, and request her to explain why OCIs/PIOs were left out when NRIs (Citizens of India) got extension to deposit old currency till June 30th, 2017.
Even mails to RBI office did not bring them to provide a reply.
Since OCI scheme comes under Ministry of External Affairs, can someone contact the Minister, and request her to explain why OCIs/PIOs were left out when NRIs (Citizens of India) got extension to deposit old currency till June 30th, 2017.
Jan 14, 2017, 9:09 am
#227
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Certainly, all this venting our frustration here is not going to change anything.
Even mails to RBI office did not bring them to provide a reply.
Since OCI scheme comes under Ministry of External Affairs, can someone contact the Minister, and request her to explain why OCIs/PIOs were left out when NRIs (Citizens of India) got extension to deposit old currency till June 30th, 2017.
Even mails to RBI office did not bring them to provide a reply.
Since OCI scheme comes under Ministry of External Affairs, can someone contact the Minister, and request her to explain why OCIs/PIOs were left out when NRIs (Citizens of India) got extension to deposit old currency till June 30th, 2017.
Jan 15, 2017, 9:58 am
#228
Join Date: Jan 2017
Posts: 81
So. Wife just landed in AMD. Air India lost one of her bags. The gate checked carry on.
We have written off the 10,500 but she had decided to take them with her any way. Due to the bag being lost and that costing her 2+ hours of back and forth with Air India etc. the customs people helped her fill out the customs form for the currency and stamped it for her too.
No idea if she wants to go to RBI in AMD or what but it seems the customs form is being stamped for OCI holders too. Or perhaps they felt sorry for her having to wait for so long and stamped it. No idea.
We have written off the 10,500 but she had decided to take them with her any way. Due to the bag being lost and that costing her 2+ hours of back and forth with Air India etc. the customs people helped her fill out the customs form for the currency and stamped it for her too.
No idea if she wants to go to RBI in AMD or what but it seems the customs form is being stamped for OCI holders too. Or perhaps they felt sorry for her having to wait for so long and stamped it. No idea.
Jan 15, 2017, 2:45 pm
#229
Join Date: Jun 2011
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So. Wife just landed in AMD. Air India lost one of her bags. The gate checked carry on.
We have written off the 10,500 but she had decided to take them with her any way. Due to the bag being lost and that costing her 2+ hours of back and forth with Air India etc. the customs people helped her fill out the customs form for the currency and stamped it for her too.
No idea if she wants to go to RBI in AMD or what but it seems the customs form is being stamped for OCI holders too. Or perhaps they felt sorry for her having to wait for so long and stamped it. No idea.
We have written off the 10,500 but she had decided to take them with her any way. Due to the bag being lost and that costing her 2+ hours of back and forth with Air India etc. the customs people helped her fill out the customs form for the currency and stamped it for her too.
No idea if she wants to go to RBI in AMD or what but it seems the customs form is being stamped for OCI holders too. Or perhaps they felt sorry for her having to wait for so long and stamped it. No idea.
Jan 15, 2017, 3:21 pm
#230
Join Date: Oct 2003
Posts: 1,203
So. Wife just landed in AMD. Air India lost one of her bags. The gate checked carry on.
We have written off the 10,500 but she had decided to take them with her any way. Due to the bag being lost and that costing her 2+ hours of back and forth with Air India etc. the customs people helped her fill out the customs form for the currency and stamped it for her too.
No idea if she wants to go to RBI in AMD or what but it seems the customs form is being stamped for OCI holders too. Or perhaps they felt sorry for her having to wait for so long and stamped it. No idea.
We have written off the 10,500 but she had decided to take them with her any way. Due to the bag being lost and that costing her 2+ hours of back and forth with Air India etc. the customs people helped her fill out the customs form for the currency and stamped it for her too.
No idea if she wants to go to RBI in AMD or what but it seems the customs form is being stamped for OCI holders too. Or perhaps they felt sorry for her having to wait for so long and stamped it. No idea.
Seems like allowing/disallowing custom form for OCI is being handled arbitrarily in typical Indian fashion. More datapoints would be useful.
Is it true that after Mar 31, OCI taking their legal SBN to India would be arrested on airport for the possession of more than 25 old notes?
Last edited by desi; Jan 16, 2017 at 6:45 pm
Jan 15, 2017, 7:07 pm
#231
Join Date: Jan 2017
Posts: 81
I doubt she will spend the time to go to RBI. She was taking the money back as its useless here. Now that desi was gracious enough to point me to the RBI notice which said it was legal to take 10K out (in 2012), our money was legal. Perhaps babus/netas change their minds and some change comes into effect. No idea. She does have to go to a wedding in AMD and my dad said he knows people who were able to get the deposits done in AMD even though its not one of the 5 listed. No idea if that is true or not. What is a fact is that she isnot going to Mumbai this trip and even if she did, there is no way in hell she'd go to a RBI in Mumbai as my relatives live in and around Kalyan. I will report back if there is any change or if she is able to deposit it.
Jan 16, 2017, 1:54 am
#232
Join Date: Jan 2017
Posts: 3
The only way out of the dilemma is to locate an NRI who is going to India, he would do the needful in India (RBI & immigration) and return with new Rupee notes. (Probably up to max..Rps 25,000/- that he can carry out from India).
As they say, all NRI & OCIs are brothers & sisters of India.
As they say, all NRI & OCIs are brothers & sisters of India.
Jan 16, 2017, 2:48 am
#233
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
Join Date: Dec 2002
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Conversely, I got 7k from an NRI, since I was going to India this Sunday 
I have time in DEL and will definitely try to get the inbound form stamped by customs for my 17k, lets see what they say.
I have time in DEL and will definitely try to get the inbound form stamped by customs for my 17k, lets see what they say.
Jan 16, 2017, 5:44 am
#234
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Just looked at the updated RBI FAQ, and it clearly says OCI/PIO need not apply.
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122
Also sneaky is the reference to the FEMA regulations in terms of the limits:
The 25k limit is mentioned in the circular with the required forms, and an email ID to complain is provided:
https://www.rbi.org.in/Scripts/Notif...808&Mode=0#ANN
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122
6. Is the facility available to Overseas Citizens of India (OCI)/Persons of Indian Origin (PIO)?
No, the facility is not available to OCIs/PIOs.
No, the facility is not available to OCIs/PIOs.
While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations.
5. RepresentationAny person, aggrieved by the refusal of the Reserve Bank to credit the value of SBNs tendered, may represent to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal to him. Such representations should be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, Central Office Building, 16th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001. The representation may also be [email protected].
https://www.rbi.org.in/Scripts/Notif...808&Mode=0#ANN
Jan 16, 2017, 10:06 am
#235
Join Date: Oct 2003
Posts: 1,203
While both MEA and Home MInistry website even today spells out that OCI will be treated on par with NRI on financial matters, this specific stand by RBI/GOI is yet another proof of Indian establishment being proven lier/cheater/untrustworthy.
It is not the loss of legal few hundreds USD/GBP/EUR (Many of us have been victim of mugging, robbery, pickpocketing but it hurts when it is Government doing it). As few on this thread have said it, it is difficult to trust ANY system in India.
Of course this is not as bad as "Can't visit India to cremate your father on 10 year multiple entry if you had visited him during bypass surgery 2 months earlier" rule or that other pathetic rule about re-doing OCI after age 50.
Jan 16, 2017, 10:10 am
#236
Join Date: Oct 2003
Posts: 1,203
@Oliver,
SOme DP reports that custome officer simply counts the money you disclose in the form while some other report that you are suppose to write down serial numbers of each note!! Please do let us know how it goes for you and if custom officers have been allowing OCI to fill the form (they should) even if RBI is not taking notes (right now).
SOme DP reports that custome officer simply counts the money you disclose in the form while some other report that you are suppose to write down serial numbers of each note!! Please do let us know how it goes for you and if custom officers have been allowing OCI to fill the form (they should) even if RBI is not taking notes (right now).
Jan 16, 2017, 12:05 pm
#237
Join Date: Jan 2017
Posts: 3
I am planning to go to India this weekend. Read the RBI FAQ which clearly excludes OCI/PIO. I did tweet to PMO and Sushma Swarj . Obviously we are not that important anymore hence no reply. Emailed RBI with their email provided in FAQ , no reply. I am sad that the GOI is treating OCI /PIOs as step child. Should we even take pride in calling ourself INdian?. I am generally told that most business traders from Gujarat already exchanged their monies , maybe using money mules. This last minute notification has taken everyone by surprise. What is regrettable is the clear demarcation on NRI and OCI. Per MHA and also MEA flow chart, the saying is clear OCI is treated at par with NRI on all matters pertaining to Finance , except on Agriculture. Maybe some minister or babus , being illiterate presumed that agriculture is finance and decided to exclude OCIs. Very frustrating , even the conversion to OCI card from PIO required a doctorate degree to complete and it is now over 45 days and I am yet to receive the card for my children. Mera Bharat Mahan..
Jan 16, 2017, 1:06 pm
#238
Join Date: Jan 2017
Posts: 3
Technically speaking, a non-Indian is not allowed to bring Rs out of the country. So, we all (yes I have 10,500 in 1000 and 500 notes) illegally brought out Rs. I remember looking up that rule when the notes were rescinded.
So, that said, harping on how OCI is not exactly the same as NRI is unfounded. Yes. I am pissed that I lost 10,500. Wife is flying out tomorrow and I was told earlier that she would be able to get them swapped at AMD RBI branch. I guess not per the Jan 4 bulletin.
Ironically, the move was to wipe out black money and this money was the money grand parents and uncles and aunts gave to my kids on our way back in Jan 2012 when we had a family trip to India. I suppose, since the Rs were illegally brought out of the country, they do infact qualify as black money.
So, that said, harping on how OCI is not exactly the same as NRI is unfounded. Yes. I am pissed that I lost 10,500. Wife is flying out tomorrow and I was told earlier that she would be able to get them swapped at AMD RBI branch. I guess not per the Jan 4 bulletin.
Ironically, the move was to wipe out black money and this money was the money grand parents and uncles and aunts gave to my kids on our way back in Jan 2012 when we had a family trip to India. I suppose, since the Rs were illegally brought out of the country, they do infact qualify as black money.
Jan 16, 2017, 3:15 pm
#239
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You keep repeating that, but where does the GoI restrict OCI/PIO from repeatedly coming to the country? I visited India thrice within Feb-April 2016 (among other things to cremate my mother) without any issues?
Jan 16, 2017, 4:36 pm
#240
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It is truly illegal from then, at least as things stand now; but as things may stand from July onward, ordinance enforcement may well be considered unconstitutional unless Modi gets or got Parliament to vote into law his Mukherjee-signed ordinance.