shyam 11 January 2017

Demonetisation

Demonitisation For NRI,

According to FEMA Law, NRI is not allowed to take more than 25000 INR out of India. As NRI I prefer to keep small amount with me but most of my Spending money I keep in India in my Flat in Mumbai. According to the New rules if I want to get my old Notes changed, I need to go to dedicated RBI branches and give them the customs Declaration. So I asked RBI if they can clarify on what NRIs can do if they have the old notes in their properties in india. RBI's response was that only amount that is declared at Customs will get changed and said we are sorry for your loss if you have old notes in the house. RBI said it is not their fault they are just following instructions from the government.

Is this Legal can they refuse to tender genuine hard earned money just because NRI's have the money in the house and they are not carrying the money with them?

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Originally posted by : shyam
	Demonitisation For NRI, According to FEMA Law, NRI is not allowed to take more than 25000 INR out of India. As NRI I prefer to keep small amount with me but most of my Spending money I keep in India in my Flat in Mumbai. According to the New rules if I want to get my old Notes changed, I need to go to dedicated RBI branches and give them the customs Declaration. So I asked RBI if they can clarify on what NRIs can do if they have the old notes in their properties in india. RBI's response was that only amount that is declared at Customs will get changed and said we are sorry for your loss if you have old notes in the house. RBI said it is not their fault they are just following instructions from the government. Is this Legal can they refuse to tender genuine hard earned money just because NRI's have the money in the house and they are not carrying the money with them?

You were sleeping till now? Lot of hulla gulla done about demonetization, there was chance for you to exchange your old notes. Where were you and what were you doing?