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Demonetisation woes: NRIs, resident Indians to wait more to get money transferred

Rough estimates suggest that the amount of demonetised cash that has come in from the section is minuscule — not exceeding Rs 10,000 crore. The total amount expected from this window is about Rs 15,000 crore.

business Updated: Mar 21, 2017 07:28 IST
Mahua Venkatesh
Demonetisation
Indian citizens who were out of the country between November 9 and December 30 will be able to deposit their old currency till March 31 while for NRIs, the window is open till June 30. (HT FIle Photo)

Non resident Indians (NRIs) and resident Indians who were outside the country and deposited demonetised cash at Reserve Bank of India (RBI) offices will have to wait for over a month to get their money transferred into their bank accounts.

Rough estimates suggest that the amount of demonetised cash that has come in from the section is minuscule — not exceeding Rs 10,000 crore. The total amount expected from this window is about Rs 15,000 crore.

While the government has allowed a longer window to NRIs and Indians who were travelling outside the country during demonetisation to deposit their defunct currency notes of Rs 500 and Rs 1,000, they will have to go through a series of checks to “ensure that their money is clean”. The exercise may well take four to six weeks, sources said.

The RBI will check other data points provided by the customs department, which include the person’s travel itinerary and date of departure and arrival in the country and whether or not her bank accounts have been used in the recent past.

“The old currency notes of Rs 500 and Rs 1,000 that are being deposited at the RBI offices at various places will not immediately reflect in the bank accounts of the depositors. There will be multi-layered scrutiny of various data points and this process will take a month or more,” a senior government official said.

Indian citizens who were out of the country between November 9 and December 30 will be able to deposit their old currency notes till March 31, while for NRIs, the window will be open till June 30. Sources also said Indians holding passports of other countries or Persons of Indian Origin (PIO) will not be allowed to deposit demonetised currency notes, if any.

Meanwhile, finance minister Arun Jaitley said in Parliament that new currency notes of Rs 12 lakh crore were pumped into the system since November 9 after the announcement of demonetisation.