Prime Minister Narendra Modi's demonetisation move not only affected India and those living in it, but also put NRIs in a soup. Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) left with Indian demonetised currency after a visit to India, left back with nothing but a bag full of disappointment. They were informed that the grace period until June 2017 available for non-resident Indians to deposit scrapped Rs 500 and Rs 1000 notes were only available to Indian citizens.
The Reserve Bank of India turned away PIOs and OCIs attempting to get their notes exchanged, even though they were not in the country from November 8 to December 31. In its updated FAQ list, the bank specifically said they are excluded from the scheme. All bets are lost by those attempting to find some aid as eventhough both, the government and the RBI at the time of the notification, had said that the central bank would provide a facility to exchange demonetised notes until March 2017, the final ordinance did not have the provision.
The OCI, was a scheme set up in response to demands for dual citizenship by the Indian community abroad. It was introduced by the Citizenship (Amendment) Act, 2005 in August 2005, and enables foreign passport holders to visit India without a visa using the OCI card. The PIO card was issued earlier to people of Indian origin and was subsequently merged with the OCI scheme.
Bankers said widening the grace period to foreign citizens could make it difficult for enforcement authorities to regulate.
