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Demonetisation: Rs 2lkh crore of NRIs still not deposited in banks

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 13 Dec 2016 7:36 PM GMT

Demonetisation: Rs 2lkh crore of NRIs still not deposited in banks
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Demonetisation: Rs 2 lkh crore of NRIs still not deposited in banks
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New Delhi: The Reserve Bank of India (RBI) on Tuesday revealed that since demonetisation was imposed in the country on November 8, around Rs 2 lakh crore in scrapped currency notes of Rs 500 and Rs 1,000, which reportedly belongs to NRIs, are still away from the banking system.

It is to be recalled that December 30 is the last date of exchanging the higher denomination notes from the banks. After the due date, these notes could only be exchanged from the Reserve Bank of India branches that too only till March 30, 2017.

A bigger part of the whopping amount that is still away from the banking system reportedly belongs to the Non-resident Indians (NRIs). The NRIs have also put pressure on Prime Minister Narendra Modi government through their countries' governments to provide them exemption from time limit of exchanging the scrapped currency notes.

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The NRIs, sometimes, have problems in bank withdrawals and exchanging the foreign currency notes. So, to ensure a hassle-free trip whenever they come to India, they have lockers in Indian banks where they keep some jewellery and cash in high denomination notes.

Few elderly Indians are also residing with their families and children abroad who, due to health, weather or some personal reasons, aren't able to return to India to exchange their money for the legal tender. Such people are highly affected due to demonetisation as their savings might get wasted if they fail to return to India in time.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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