Enclosed is a notification from bank for NRI - how to deposit your currency notes in NRO account more
Viewed by 283
View all 9 comments Below 9 comments
Indu ji, yes in some countries, there are Indian banks branches but they are not supposed to deal with Indian currency in cash. And the Indian currency can only be deposited in NRO account, so if one has an NRO account with the Indian bank branch of that country, can discuss the matter with the bank there if they can accept your cash and send it over to India on some charges. As you know, this way, many unaccounted money will also start flowing in and how the fake currency will be checked by the staff there who are not trained in these matters. Again, it is not an urgent issue for RBI to handle since the time limit is still end March 2017. I do not know why legitimate people like you are worried about this so early. Let the situation in India be normal first and then I am sure, Govt will work out some ways and means to help NRI's like you with genuine money. more
Nov 13
Mr. Brij, Aha now I understand. You are talking about unaccounted money. No I am talking about legitimate, Tax paid money which some NRIs or more so current travelers are having in their possession. Currency regulation of India provides to carry Indian currency up to Rs.25000/-. How will they exchange this amount with new currency without coming back to India. If they are unable to come to India then they should be given equal opportunity as any other Indian. I again reiterate that India does have Indian bank's branches in some country. Otherwise Indian consulate could have been trusted with task. more
Nov 13
Indu ji, again please note that you can always use your debit card to withdraw money as soon as you land in India and there can't be any excuse to carry money with you abroad except that the money you are carrying was available with you from some other channels which is not accounted in your Indian income or from your NRI account. No one will carry money which has been withdrawn from their NRI account but will carry with them instead of depositing in their NRO account since interest on NRO account attracts 30% tax and you will have to give the source of funds. The real reason is to hide your cash collection during your visit to India. One may or may not accept this fact what I have stated here. I have been NRI for more than 30 years in my life and I have seen how people carry Indian currency abroad to make it white. So please take the action as described in my attachment. more
Nov 12
Mr. Brij, your point is valid, but debit/credit cards are not accepted in all spheres of life. After landing some go far off places including rural areas where these cards of no use. Further such people who are abroad in these time, do have a right to equal treatment as other Indian citizen. After all they are Indians too. Secondly India does have Indian bank's branches in some country. Otherwise Indian consulate could have been trusted with task. more
Nov 12
Indu ji, the problem is that every one is just looking into his personal gains and loss. NRI's do carry but why so much, why they do not use their debit cards on NRE/NRO account while landing in India to withdraw cash. Some small amount of left over cash is understandable but how you can ask govt to convert that to your NRI account? NRI's in fact should not have bothered so much as I have been seeing from the posts made by some of them in these circles. All procedures are in place for NRI's also but banks can not go to houses of each NRI and exchange their currency. If you are so keen to exchange, you can make a trip to India before the due date and convert the same. more
Nov 12
