NRI body asks Jaitley to extend cut-off date to deposit banned notes

December 06, 2016 14:49

Describing the demonetisation move as a "bold decision", a global body for people of Indian-origin has asked Finance Minister Arun Jaitley to extend by six months the cut-off date for depositing the banned notes of Rs 500 and Rs 1,000 denominations.

The Global Organisation of People of Indian-Origin in a recent letter said it has been flooded by concerns from a large number of NRIs and PIO after the recent government's decision to ban Rs 500 and Rs 1000 currency notes.

"It is a bold decision by Prime Minister Modi and we fully support him," said GOPIO president Niraj Baxi in his recent letter to Jaitley.

He said that some NRIs and PIOs have left over cash from their previous visits to India, while others have used currency exchanges and banks to obtain the rupees abroad for use on their future trip to India.

Many NRIs and PIOs have kept these notes for a while so as to use them on their return to India in the future. Some have used less time consuming means of obtaining currencies from online money exchanges to take back to India, said a media statement issued by GOPIO.

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