Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !
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Posted on: 13-01-17 13:56:14
hmm ... read the below links:
http://nricafe.com/guide-carrying-currency-through-indian-airports/
http://indianexpress.com/article/business/banking-and-finance/residents-non-residents-allowed-to-carry-up-to-rs-25k-abroad-rbi/
which brings us to the crucial issue. Multitude of announcements and nobody knows the truth.
Same thing happened during demonetization. More than 60 announcements in 50 days.
Indian govt is famous for lack of governance, rule of law and complication. That is why nobody follows any rules in India. Look at how they drive?
Modi wants everyone to pay taxes. Then simply tax laws, all laws. Don't have million announcements.
Look at Canada. We have one (main) form for tax filing. Only good thing that Trudeau has done is to get rid of some tax credits. More needs to be done.
Quote:
Originally posted by rajcanada
Quote:
Originally posted by shobhade
If you are OCI or PIO holder, you can't even do that .What a foolish rule .
Only NRI's who are on Indian Passport with Indian citizenship are allowed.
Foreign citizens on Foreign passport, with OCI or PIO card are not allowed to deposit
All OCI and PIO should complain about this ! They want FDI from us, but the same rules like NRI don't apply to us.
OCI and PIO are not NRI's. Lot of people forget that and are confused. OCI, PIO, NRI, Indian resident, so much rubbish and confusion.
Note ban: Grace period for exchange doesn’t apply to PIOs/OCIs
http://timesofindia.indiatimes.com/india/note-ban-grace-period-for-exchange-doesnt-apply-to-pios/ocis/articleshow/56431219.cms</font>
Only residents of India are allowed to take Rs. 25,000 out of India, so they are being allowed to deposit the old notes up to that limit. Foreign citizens are not allowed to take Indian Rupees out of India. It is another matter that for convenience people do take it outside India as India is still majorly cash based economy.
Quote:
Originally posted by rajcanada
Only residents of India are allowed to take Rs. 25,000 out of India, so they are being allowed to deposit the old notes up to that limit. Foreign citizens are not allowed to take Indian Rupees out of India. It is another matter that for convenience people do take it outside India as India is still majorly cash based economy.
As per RBI notification non residents (excepting residents of Pakistan and Bangladesh) are allowed to carry Rs 25,000 outside the country legally.
From RBI's notification:
4. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India:
i) may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while exiting only through an airport.
ii) may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while entering only through an airport.
https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8949&Mode=0
Quote:
Originally posted by rajcanada
Quote:
Originally posted by shobhade
If you are OCI or PIO holder, you can't even do that .What a foolish rule .
Only NRI's who are on Indian Passport with Indian citizenship are allowed.
Foreign citizens on Foreign passport, with OCI or PIO card are not allowed to deposit
All OCI and PIO should complain about this ! They want FDI from us, but the same rules like NRI don't apply to us.
OCI and PIO are not NRI's. Lot of people forget that and are confused. OCI, PIO, NRI, Indian resident, so much rubbish and confusion.
Note ban: Grace period for exchange doesn’t apply to PIOs/OCIs
http://timesofindia.indiatimes.com/india/note-ban-grace-period-for-exchange-doesnt-apply-to-pios/ocis/articleshow/56431219.cms</font>
Only residents of India are allowed to take Rs. 25,000 out of India, so they are being allowed to deposit the old notes up to that limit. Foreign citizens are not allowed to take Indian Rupees out of India. It is another matter that for convenience people do take it outside India as India is still majorly cash based economy.
Not true. OCI and PIO can definitely take Rs. Out of India and bring them back into India, within the limits.
Both RBI and customs site mention that.
So its not just NRI's who are residents of India, who can take Rs. Out of India.
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