NRI/PIO/OCI - SEEK YOUR CLARIFICATION
We are coming to Mumbai on 1st Feb to go to RBI to deposit Old Notes.
SEEK CLARIFICATIONS
My parents were from India. I was born in India but brought to Singapore when I was 3 months old-so no passport, only birth cert.
We are all Singapore citizens.
All my status/documents show as born in India.
All the while we are classified as NRI by all Indian Banks, govt depts, PAN card office.
We then were asked to make PIO cards.
Then we were told to convert to OCI cards.
My wife is from India but now a Singapore citizen.
Singapore law prohibits holding Indian passport & Singapore passport so she surrendered it to the Indian High Comm- 33 years ago.
Now we want to deposit cash at RBI and seems RBI rejecting.
Pls someone assist and email me a clear clarification.
I have now no choice but to come to Mumbai as I have paid for my ticket.
My email is: vora.voras@gmail.com
Thank you more
SEEK CLARIFICATIONS
My parents were from India. I was born in India but brought to Singapore when I was 3 months old-so no passport, only birth cert.
We are all Singapore citizens.
All my status/documents show as born in India.
All the while we are classified as NRI by all Indian Banks, govt depts, PAN card office.
We then were asked to make PIO cards.
Then we were told to convert to OCI cards.
My wife is from India but now a Singapore citizen.
Singapore law prohibits holding Indian passport & Singapore passport so she surrendered it to the Indian High Comm- 33 years ago.
Now we want to deposit cash at RBI and seems RBI rejecting.
Pls someone assist and email me a clear clarification.
I have now no choice but to come to Mumbai as I have paid for my ticket.
My email is: vora.voras@gmail.com
Thank you more
Viewed by 247
Yes Mayur ji, you are not citizens of India since you do not hold Indian Passport and you are Overseas citizen of India. There is a difference between the two. Modi Govt gave a special status to persons like you so that you guys can maintain your contacts in India and get benefit of investment opportunities in India. If any foreign citizen including those OCI, visit India and stays in a hotel and declares that he is not holding Indian passport , he will be required to pay all his cost towards stay in foreign currency only. Even there are different rates of entry charges to Taj Mahal for foreign citizen or OCI.
So, there can be no reason for a OCI to carry such large amounts of Indian currency abroad which means that it was black money with him avoiding paying taxes in India. You can very easily declare all the cash money you have in your possession and exchange after paying taxes. more
So, there can be no reason for a OCI to carry such large amounts of Indian currency abroad which means that it was black money with him avoiding paying taxes in India. You can very easily declare all the cash money you have in your possession and exchange after paying taxes. more
Jan 26
I think thousands of So Called NRIs did not read the fine print that NRIs are supposed to be Citizens of India, holding Indian passport.
Then why in all these years we are registered as NRIs. There is no other classification for ages. Banks, customs, tax dept all know that our Passports are no India passport. So now why penalise us. All we are saying is to allow PIO/OCI to be at same Par.
Already when we see Indian High Comm web site on PIO/OCI conversion, it says the same.
We are Persons of Indian Origin. We are not Citizens of India.
PM Modi when he came to Singapore said our cards have to be changed from PIO or OCI. I think after some years we will be dammed as we are not Citizens of India. Jai Hind more
Then why in all these years we are registered as NRIs. There is no other classification for ages. Banks, customs, tax dept all know that our Passports are no India passport. So now why penalise us. All we are saying is to allow PIO/OCI to be at same Par.
Already when we see Indian High Comm web site on PIO/OCI conversion, it says the same.
We are Persons of Indian Origin. We are not Citizens of India.
PM Modi when he came to Singapore said our cards have to be changed from PIO or OCI. I think after some years we will be dammed as we are not Citizens of India. Jai Hind more
Jan 26
RBI has extended the date for NRIs to exchange old Rs 500, Rs 1000 banknotes up to June 2017. So you can deposit notes into you bank account whenever you reach Mumbai, India on February 1st
(Below text from RBI website https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122)
Holding the specified banknotes (SBNs) for the purpose of deposit by Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 is permissible during grace period. With effect from January 2, 2017 Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017. While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. In terms of Section 6 of the Ordinance, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher. Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her.
News link below
http://www.hindustantimes.com/business-news/rbi-allows-nris-to-exchange-old-rs-500-rs-1000-banknotes-up-to-june-2017/story-0w5kiKXHO1zEmZ2GueGNFO.html more
(Below text from RBI website https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122)
Holding the specified banknotes (SBNs) for the purpose of deposit by Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 is permissible during grace period. With effect from January 2, 2017 Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017. While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. In terms of Section 6 of the Ordinance, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher. Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her.
News link below
http://www.hindustantimes.com/business-news/rbi-allows-nris-to-exchange-old-rs-500-rs-1000-banknotes-up-to-june-2017/story-0w5kiKXHO1zEmZ2GueGNFO.html more
Jan 26
You can try at RBI office in Mumbai and see if they can exchange your currency or allow it to be deposited in your NRO account. more
Jan 25
