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Satyendra Pathak
Doha
With the December 30 deadline to exchange or deposit demonetised Indian currency notes fast approaching, a number of Indian expatriates in Qatar have called for an extension of the deadline for non-resident Indians (NRIs) living in the country.
The expatriates have citing their inability to travel to India to exchange scrapped notes in such a short time as the reason for their demand for the deadline extension.
Expressing concern that the Indian government has not yet announced any reprieve for NRIs, many Indian expatriates said they might not be able to deposit whatever little amount they have in form of the scrapped 500 and 1,000 notes at all if the deadline is not extended.
According to reports, if put together the over 0.650 million Indians in Qatar hold millions of Indian rupees mostly in denominations of 500 and 1,000 that were demonetised in a surprise move by the Indian Government on November 8.
The old notes can be deposited or exchanged at banks in India by December 30 and at offices of the Reserve Bank of India (RBI) by March 31, 2017. The government, however, is yet to make any arrangement outside India, including Qatar, for this purpose.
"The Indian government should extend the deadline in the larger interest of the over a half million Indian expatriate community in Qatar," Adarsh Shenawa, currency expert at the Doha-based Al Zaman Exchange, said.
Citing the inability of many Indian expatriates, especially blue-collar workers in travelling to India to exchange the scrapped notes in such a short time, Shenawa said the Indian authorities should exempt NRIs from the December 30 deadline to exchange old notes in banks.
The March 31 deadline is irrelevant as well to NRIs as it was practically impossible for many NRIs to reach a faraway RBI office while visiting India, he explained.
"Many expat workers go to India on vacation once in two years. The government should make a provision to allow them to deposit old notes in their bank accounts in India as and when they visit their home country," he said.
Doha Bank Business Development Officer Ganeshan Ramakrishnan said the Reserve Bank of India (RBI) should authorise a local financial institution in Qatar to exchange the old Indian notes.
Doha Bank, which is licenced to operate in India, has sought permission from the RBI to allow the bank to accept the scrapped notes for its customers in Qatar and other GCC countries.
"We sought permission from the RBI to exchange the scrapped notes in Doha soon after the demonetisation announcement was made by the Indian prime minister. We are yet to get the required permission from the RBI," he said.
If the RBI doesn't authorise a local financial institution to exchange old notes, then the December 30 deadline should be extended at least for a year, a prominent Indian expatriate said.
Azim Abbas, former president of the Indian Business & Professional Network (IBPN), said that a group of around 140 NRIs from Qatar would seek clarification on the issue when they visit India to take part in the 2017 Bharatiya Pravasi Divas next month.
When contacted. an official at the Indian embassy in Qatar said that the embassy was also waiting for clarification on the issue by the government.
