Several Indian expatriates have expressed concerns over the Reserve Bank of India’s ( RBI) latest announcement regarding the exchange of the Rs 500 and 1000 notes that have been demonetised since November 8.

According to the RBI, Non-Resident Indians (NRIs) have been allowed time until June 30, 2017, to exchange the demonetised Rs 500 and 1000 notes in their custody.
Indian newspaper, The Economic Times (ET), reported that NRIs can exchange the withdrawn notes only at the RBI branches in Mumbai, New Delhi, Kolkata, Chennai and Nagpur.
“How can people travel to such distances to exchange some five or ten thousand rupees in old notes. It is simply illogical on the part of RBI,” a prominent member of the community asked.
“Do you expect someone to travel all the way to Chennai or Nagpur from Kerala or other parts of the country to exchange some 10,000 rupees? The expenses itself will be more than that. How ridiculous is such a decision!,” exclaimed another Indian.
Another suggested that such facility may be given at the local banks. “We all have NRE or NRO accounts. We should be allowed to deposit our money at our own accounts at the local bank branches."
Some Indian expatriates are also asking for more time beyond June 30, 2017, the deadline for depositing the money, as they cannot travel to India before that date.
The Prime Minister of India declared the demonitisation of the Rs. 500 and 1000 notes on November 8 last year making more than 85% of the Indian currency invalid.
It is understood that most NRIs have certain amount of the invalid notes that they want to get exchanged. Many in Qatar said that the present guidelines by RBI have caused severe inconvenience to most of them.
They assert that the directive to change the currencies only through the branches of RBI, is totally impractical. Another concern is that some of the expatriates have stocked some money at their lockers or safes in their houses.
“I have kept some rupees in a vault at home which cannot be opened by anybody else . But the RBI directive says that NRIs can deposit a maximum of Rs 25,000 which should be declared at the airport counter on arrival to India.What shall I do with the money at home?” he asked.
Citing a notification from the Indian Finance Ministry, the ET reported that for the period up to June 30, 2017 a declaration need to be filled by NRIs coming to India, and carrying specified bank notes for depositing them in the specified offices of RBI in India. They also have to physically show the notes at the airport to the officials and fill the form before depositing the money.
Several Indians point out that this will make the money kept in their homes invalid and moreover, make them criminals as per the latest order by the Indian government.
On another note, some have pointed out that they do not travel to Indian every year but only once in two years or so due to financial constraints.
“I just came from vacation in last September. I am planning to go to India only in next December or January. How can I make a trip to India before June end just to exchange some 10,000 rupees. The ticket fare itself will be from Rs 30,000- 50000,” an Indian expatriate lamented.