GOPIO Convention passes resolution on demonetaization for NRIs

GOPIO officials have been receiving hundreds of telephone calls and e-mails from OCI and PIO card holders that they are being turned away from depositing their demonetized Indian currencies at the Reserve bank of India branches. Govt. of India had extended the date for depositing these notes to June 30th for NRIs. However, Diaspora Indians with foreign citizenship are not included in GOI’s definition of NRIs for depositing these notes. GOPIO plans to make a major campaign to include all OCI/NRI card holders and Diaspora Indians with foreign citizenship to be included so that they can deposit all their demonetized notes, press release issued here stated.

According to GOPIO leaders, Diaspora Indians with foreign citizenship and OCI/PIO card holders are being turned away by Reserve bank of India from depositing their demonetized currencies, although govt. had announced that it has extended the date for NRIs to deposit their currencies till June 30th. However, Diaspora Indians with foreign citizenship after standing outside the gate for several hours and when they reach the gate, they have been told that only NRIs with Indian passport can go inside. It is a major issue to be corrected. GOPIO has now taken up this issue and has sent an appeal to Prime Minister Modi. Please provide the maximum publicity so that Govt. must correct this situation.

“GOPIO (Global Organization of People of Indian Origin) Executive Council had an emergency meeting last week since GOPIO officials have been getting hundreds of telephone calls and e-mails about OCI/PIO card holders as well as Diaspora Indians with Foreign Citizenship not being allowed to deposit or exchange their demonetized Indian currencies at the Reserve Bank of India,” Dr. Thomas Abraham, Chairman of GOPIO, said. “The Executive Council unanimously agreed to make an appeal to Prime Minister Modi to correct this issue.”

The appeal as follows: Global Organization of People Indian Origin (GOPIO) fully supports demonetization of the higher end Indian currencies so as to curtail black money and terrorism funding. However, Global Organization of People of Indian Origin (GOPIO) requests that:

Diaspora Indians with Foreign Citizenship, and PIO and OCI card holders be given the same opportunity for depositing old and obsolete currency notes as given to NRIs (Indian Passport holders), allowing them to deposit up to Rs. 250,000 of Indian currency in the Reserve Bank of India instead of notified amount of Rs. 25,000;

Some of the NRIs, and PIO and OCI card holders have old currency notes safely kept in their residences in India for reasons such as education of their children in India, supporting old age parents, helping family members, etc., so allow RBI and Banks having NRO accounts to accept the old currency notes up to Rs. 2,50,000;

Diaspora Indians with Foreign Citizenship, and PIO and OCI card holders are not able to visit India and hence be permitted to deposit in their bank account in India through an authorized agent, the amount certified by the foreign branches of State Bank of India or Indian Missions in the country of their residence or in RBI / NRO accounts with various banks in India.

Finally, since all Diaspora Indians with Foreign Citizenship, PIO and OCI card holders may not be able to visit India prior toJune 30, 2017, they should be allowed to deposit old currency notes at either the Reserve Bank of India/NRO Accounts maintained with various banks in India up to December 31, 2017.

The esteemed GOPIO leaders have urged the Indian government, which has always acknowledged the role of NRIs/PIOs and expatriates in the resurgence of India and their record annual remittances to India which is the highest compared to any country in the world, to agree to the requested concession for goodwill of thirty million NRIs and PIOs and amend the Notification # RBI/2016-17/2005/DCM/(Plg) No 2170/10.27.00/2016-17 dated 31st December, 2016.

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