Locals rush to exchange notes, but RBI says only NRIs can

RBI had stipulated that the period until March 31 was only for NRIs or those Indians, who were not in the country between November 10 to December 30,2016. However, there seems to have been a misunderstanding, as many people still have a few thousands in defunct currency to exchange. 

Ravi Ganesh, a 53-year-old employee from Maraimalai Nagar, has been doing the rounds of the RBI for the last few days. “I had received Rs 6,000 as settlement on one of my investment policies, which I had forgotten about. However, we were told that only NRIs would be allowed. It is unfair since the PM himself said that those unable to exchange until December 30, 2016 can do so until March 31 this year. Why are we not being considered,” he asked. 

Modi, during his November 8 speech announcing demonetisation, had said, “There may be some who for some reason, are not able to deposit their old 500 or 1,000 rupee notes by December 30. They can go to specified offices of the RBI up to March 31 and deposit the notes after submitting a declaration form.” 

The bank’s office in Chennai is one of the specified banks for the southern region. Dr A Raja* (name changed on request), a resident of Hyderabad, said he had to come to Chennai to exchange his old notes. “The earlier period was really short for millions of Indians to exchange the discontinued notes. Why are the NRIs given more time and preference over Indians living here,” he added. 

In a country where money is often saved in tin boxes and forgotten, especially in rural areas, there should be a flexible exchange window, felt many. Sumathi (58) had squirreled away Rs 10,000 to gift to her daughter after her delivery. “During the time of exchange, I couldn’t find the money. Now that I have, I am told by RBI that I cannot change it. I really don’t know what to do,” she added, bewildered. 

The lack of information has also plagued the NRIs. RBI mandated that, “A certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof should also be submitted.” However, many were unaware of this rule. “We didn’t know we had to get this document at the immigration,” said an NRI, who requested anonymity. 

A list of 60 people, with their contact details and the amount of discontinued currency, is being made, to show how innocent people are suffering. “We have reached almost Rs 8,40,000, in defunct currency, which is yet to be changed,” said G Sriram, a student.