NRIs won't get second chance to exchange demonetised notes

New Delhi, September 29: Government has confirmed that no second window will be opened for NRIs to exchange demonetised currency. Notably, the Apex bank closes window for non-resident Indians to deposit old notes Rs 500 and Rs 1,000 notes on June 30 this year.

"Swaraj informed that the government had provided the time window for Non-Resident Indians (NRIs) who are Indian citizens to deposit their currencies earlier,” statement added.

According to GOPIO, overseas citizens of India and people of Indian-origin are still holding demonetised currencies as the Reserve Bank of India did not allow them to deposit them.

"Diaspora Indians have close to Rs 7,500 crore still lying with them in small amounts. What should the NRIs do with the old currencies?" an NRI organization asked.

Earlier, Apex bank said in his Annual Report for 2016-17 that as much as 99 percent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system. RBI, which has so far shied away from disclosing the actual number of junked currency deposited after demonetization, said that Rs 15.28 lakh crore of the junked currency had come back into the banking system, leaving only Rs 16,050 crore out.

The Modi government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.