As Indian Ambassador to the USA holds a community reception for Prime Minister Narendra Modi in McLean, Virginia, a delegation from the Global Organization of People of Indian Origin (GOPIO) plans to present a copy of a petition to allow Diaspora Indians with foreign citizenship to deposit or exchange their demonetized Indian currencies. GOPIO estimates that over Rs. 5,000 crores of demonetized currencies are in the possession of OCI card holders and those non-OCI card holders with foreign citizenship. Many travelling to India to deposit their currencies were turned away by RBI at five of its branches which still accept the demonetized currencies from NRIs who are Indian citizens.

“This is gross injustice to more than 50% of the overseas Indians who have been deprived of their hard-earned income,” said Dr. Abraham.

In January 2017, GOPIO launched a PeitionOnline campaign appealing to Prime Minister of India to allow OCI/PIO card holders as well as Diaspora Indians with Foreign Citizenship to deposit or exchange their demonetized Indian currencies at the Reserve Bank of India. Currently, NRIs holding Indian Passport are only allowed to deposit or exchange the demonetized currencies at five Reserve Bank India branches in Delhi, Mumbai, Kolkata, Chennai and Nagpur.

GOPIO delegation plans to present a copy of the of the issues and comments raised by Diaspora Indians through PetitionOnline. Several thousands of Diaspora Indians signed the petition which is still going on at www.gopio.net.

“This is a major issue for the Diaspora Indians and it is a created issue and it needs to be resolved,” said GOPIO International President Niraj Baxi.

In a letter to Prime Minister Modi, GOPIO noted that It would be unfair of India to treat OCI card holders differently from NRIs for depositing their hard-earned demonetized currencies. 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) and extend the date to deposit the amount to December 31, 2017.

P.M. Modi himself has repeatedly 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 other country in the world.

Some of the NRIs and PIO/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. GOPIO has appealed to allow RBI and Banks having NRO accounts to accept the old currency notes up to Rs. 2,50,000.

“Indians who left India to earn their living should not be deprived of their hard-earned money because they were not in India to deposit the demonetized notes when Indian banks were accepting the notes,” Dr. Abraham added.

Alternatively, GOPIO has requested to allow the Diaspora Indians to donate their demonetized currency notes to a registered charity of their choice.

In its letter to P.M. Modi, GOPIO has brought to his attention another issue on the recent Reserve Bank of India notification on holding on the bank deposits without an Aadhaar card. NRIs/PIOs who do not live in India less than six months are not eligible to get an Aadhaar card.  However, the Reserve Bank of India recently published notifications stating that all bank accounts must be linked to the Aadhaar card number and Pan card by December 31, 2017. Many millions of Indians living abroad have NRE, NRO and fixed bank deposits, and those accounts are generally 5-25 years old.  Overseas Indian account holders will not be able to produce Aadhaar and Pan cards to keep their account active after December 2017. GOPIO has requested that as the Income Tax Department has exempted the Overseas Indians from requiring Aadhaar card for filing their tax returns, similar rules must apply for holding bank accounts by NRIs and PIOs in India.

Quoting the prime minister has stated at various Indian community receptions and meetings around the world that NRIs and PIOs are the true ambassadors of India, GOPIO has requested in its appeal to remove these hindrances (and resolve such issues) so that the NRIs and PIOs can continue to serve as true partners in India’s development.

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Editor: For more info, contact GOPIO at 203-329-8010