Deadline over, yet ‘exchanging hope’ far from dead for Chennai residents

By Express News Service  |   Published: 31st March 2017 02:58 AM  |  

People including NRIs show demonetised currency notes outside RBI office in the city on Thursday | martin louis

CHENNAI: The grace period for exchanging demonetised currencies  ended on December 31, 2016 but most of the Chennaites are unaware of it and are still hoping that the Central Bank would exchange the old Rs 500 and Rs 1,000 notes for new notes.

A serpentine crowd was found waiting before the RBI office, most of them not aware that they are not eligible to exchange the old currency notes.

Reserve Bank of India spokesperson said that the notification had clearly mentioned that the grace period of March 31 is only for people who were abroad during the period of November 9 – December 30, 2016. It is not for those who were in India as the deadline expired on December 31, 2016.

Vimala, a housewife from Velachery, is hoping against the odds that she will be able to exchange Rs 26,000 worth old currencies in the denomination of Rs 500 and Rs 1,000. She has been visiting the gates of the bank since January in the hope to exchange the currencies. However, most of the times she is shooed away by the security.

“They are saying it is only for NRIs. We are poor people. They should also give us more grace time. A tea seller near the bank says that the bank would exchange my notes by March 31,” she says.

The RBI in a notification has stated that with effect from January 2, 2017, people who were abroad during the period of November 9, 2016 to December 30, 2016 can avail this facility up to March 31, 2017 and the non-resident Indian (NRI) citizens who were abroad during that period can avail this facility up to 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 Foreign Exchange Management Act Regulations.