What the hell.......

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What the hell.......

Post by Vakavaka Pakapaka on Sun Jan 01, 2017 4:55 pm

...is going on with the RBI?...... They extended the deadline for NRIs to exchange the old money to the end of June but they suggest that the money can be exchanged only at (see below):

".....This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur......"

So, if NRIs arrive in Bengaluru, Hyderabad, Ahmedabad, etc., they have to go to one of the listed places to convert the money (Nagpur? why?). Why can't the RBI allow this at other branches (Hyderabad and Bengaluru, for example)? 


Hmm.....


http://indianexpress.com/article/business/banking-and-finance/nris-can-exchange-defunct-notes-till-june-30-others-till-mar-31-rbi-4454000/

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Re: What the hell.......

Post by silvermani on Sun Jan 01, 2017 5:14 pm

Do you feel a little less patriotic now or are you still rooting for this Tuglaqian policy?
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Re: What the hell.......

Post by MaxEntropy_Man on Sun Jan 01, 2017 7:49 pm

Nagpur because it is the headquarters of Chaddi-dom and this is an instance of Modi showing gratitude to his Chaddi backers.
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Re: What the hell.......

Post by garam-kuta on Sun Jan 01, 2017 8:40 pm

Vakavaka Pakapaka wrote:...is going on with the RBI?...... They extended the deadline for NRIs to exchange the old money to the end of June but they suggest that the money can be exchanged only at (see below):

".....This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur......"

So, if NRIs arrive in Bengaluru, Hyderabad, Ahmedabad, etc., they have to go to one of the listed places to convert the money (Nagpur? why?). Why can't the RBI allow this at other branches (Hyderabad and Bengaluru, for example)? 


Hmm.....


http://indianexpress.com/article/business/banking-and-finance/nris-can-exchange-defunct-notes-till-june-30-others-till-mar-31-rbi-4454000/
this is a strategically brilliant move. reportedly, all the old currency including the fake notes, already came back into the system except for the currency left with the NRIs. if the NRIs cannot convert their cash, the govt can show the few thousand crores as the black money that is not returned and term the scheme as a grand success. so this brilliant scheme to make it as difficult as possible for the NRIs to convert. that way the govt can point out to the critics that it gave a chance for NRIs, but in practice you make it more expensive for them to travel to these citites and stand in lines and then they will just give up as not a worthwhile effort.

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Re: What the hell.......

Post by silvermani on Sun Jan 01, 2017 8:57 pm

garam-kuta wrote:
Vakavaka Pakapaka wrote:...is going on with the RBI?...... They extended the deadline for NRIs to exchange the old money to the end of June but they suggest that the money can be exchanged only at (see below):

".....This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur......"

So, if NRIs arrive in Bengaluru, Hyderabad, Ahmedabad, etc., they have to go to one of the listed places to convert the money (Nagpur? why?). Why can't the RBI allow this at other branches (Hyderabad and Bengaluru, for example)? 


Hmm.....


http://indianexpress.com/article/business/banking-and-finance/nris-can-exchange-defunct-notes-till-june-30-others-till-mar-31-rbi-4454000/
this is a strategically brilliant move. reportedly, all the old currency including the fake notes, already came back into the system except for the currency left with the NRIs. if the NRIs cannot convert their cash, the govt can show the few thousand crores as the black money that is not returned and term the scheme as a grand success. so this brilliant scheme to make it as difficult as possible for the NRIs to convert. that way the govt can point out to the critics that it gave a chance for NRIs, but in practice you make it more expensive for them to travel to these citites and stand in lines and then they will just give up as not a worthwhile effort.
Good point. A limit of 25k per NRI seems very unrealistic given that it cant buy much in India. I myself had 30k lying around that I sent thru a friend and had him deposit into his account. I know one person who had 3 lacs and no one was willing to help him. All the well connected bigshots already have crores of new currency at their homes so that punctures a big hole in the anti corruption balloon.
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Re: What the hell.......

Post by silvermani on Mon Jan 09, 2017 6:50 pm

MUMBAI: Persons of Indian origin (PIOs) and Overseas Citizens of India (OCIs) left with Indian demonetised currency after a visit to their country of origin are in for a disappointment. The grace period until June 2017 available for non-resident Indians to deposit scrapped Rs 500 and Rs 1,000 notes is available only to Indian citizens.
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Re: What the hell.......

Post by Vakavaka Pakapaka on Mon Jan 09, 2017 10:44 pm

silvermani wrote:MUMBAI: Persons of Indian origin (PIOs) and Overseas Citizens of India (OCIs) left with Indian demonetised currency after a visit to their country of origin are in for a disappointment. The grace period until June 2017 available for non-resident Indians to deposit scrapped Rs 500 and Rs 1,000 notes is available only to Indian citizens.
That is crazy. OCIs also keep some Indian currency with them for taxi fare, etc.

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Re: What the hell.......

Post by Hellsangel on Mon Jan 09, 2017 10:49 pm

Vakavaka Pakapaka wrote:
silvermani wrote:MUMBAI: Persons of Indian origin (PIOs) and Overseas Citizens of India (OCIs) left with Indian demonetised currency after a visit to their country of origin are in for a disappointment. The grace period until June 2017 available for non-resident Indians to deposit scrapped Rs 500 and Rs 1,000 notes is available only to Indian citizens.
That is crazy. OCIs also keep some Indian currency with them for taxi fare, etc.
Take Uber, guruvu-gaaru.
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Re: What the hell.......

Post by Vakavaka Pakapaka on Mon Jan 09, 2017 11:09 pm

Hellsangel wrote:
Vakavaka Pakapaka wrote:
silvermani wrote:MUMBAI: Persons of Indian origin (PIOs) and Overseas Citizens of India (OCIs) left with Indian demonetised currency after a visit to their country of origin are in for a disappointment. The grace period until June 2017 available for non-resident Indians to deposit scrapped Rs 500 and Rs 1,000 notes is available only to Indian citizens.
That is crazy. OCIs also keep some Indian currency with them for taxi fare, etc.
Take Uber, guruvu-gaaru.
Yeah.....

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Re: What the hell.......

Post by Merlot Daruwala on Tue Jan 10, 2017 5:07 am

silvermani wrote:
garam-kuta wrote:
Vakavaka Pakapaka wrote:...is going on with the RBI?...... They extended the deadline for NRIs to exchange the old money to the end of June but they suggest that the money can be exchanged only at (see below):

".....This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur......"

So, if NRIs arrive in Bengaluru, Hyderabad, Ahmedabad, etc., they have to go to one of the listed places to convert the money (Nagpur? why?). Why can't the RBI allow this at other branches (Hyderabad and Bengaluru, for example)? 


Hmm.....


http://indianexpress.com/article/business/banking-and-finance/nris-can-exchange-defunct-notes-till-june-30-others-till-mar-31-rbi-4454000/
this is a strategically brilliant move. reportedly, all the old currency including the fake notes, already came back into the system except for the currency left with the NRIs. if the NRIs cannot convert their cash, the govt can show the few thousand crores as the black money that is not returned and term the scheme as a grand success. so this brilliant scheme to make it as difficult as possible for the NRIs to convert. that way the govt can point out to the critics that it gave a chance for NRIs, but in practice you make it more expensive for them to travel to these citites and stand in lines and then they will just give up as not a worthwhile effort.
Good point. A limit of 25k per NRI seems very unrealistic given that it cant buy much in India. I myself had 30k lying around that I sent thru a friend and had him deposit into his account. I know one person who had 3 lacs and no one was willing to help him. All the well connected bigshots already have crores of new currency at their homes so that punctures a big hole in the anti corruption balloon.

25K is the maximum cash amount you can legally carry out of India. Anything in excess is illegal.

I'm just amazed that NRI Patriots not only illegally smuggled out Indian currency but are now cribbing about the difficulties involved in exchanging those piddly amounts. Surely you don't mind writing off a few hundred dollars worth of demonetized Indian currency for the greater glory of your Supreme Leader, that rockstar you deified all these days...?

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Re: What the hell.......

Post by Hellsangel on Tue Jan 10, 2017 7:37 am

Merlot Daruwala wrote:
silvermani wrote:
garam-kuta wrote:
Vakavaka Pakapaka wrote:...is going on with the RBI?...... They extended the deadline for NRIs to exchange the old money to the end of June but they suggest that the money can be exchanged only at (see below):

".....This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur......"

So, if NRIs arrive in Bengaluru, Hyderabad, Ahmedabad, etc., they have to go to one of the listed places to convert the money (Nagpur? why?). Why can't the RBI allow this at other branches (Hyderabad and Bengaluru, for example)? 


Hmm.....


http://indianexpress.com/article/business/banking-and-finance/nris-can-exchange-defunct-notes-till-june-30-others-till-mar-31-rbi-4454000/
this is a strategically brilliant move. reportedly, all the old currency including the fake notes, already came back into the system except for the currency left with the NRIs. if the NRIs cannot convert their cash, the govt can show the few thousand crores as the black money that is not returned and term the scheme as a grand success. so this brilliant scheme to make it as difficult as possible for the NRIs to convert. that way the govt can point out to the critics that it gave a chance for NRIs, but in practice you make it more expensive for them to travel to these citites and stand in lines and then they will just give up as not a worthwhile effort.
Good point. A limit of 25k per NRI seems very unrealistic given that it cant buy much in India. I myself had 30k lying around that I sent thru a friend and had him deposit into his account. I know one person who had 3 lacs and no one was willing to help him. All the well connected bigshots already have crores of new currency at their homes so that punctures a big hole in the anti corruption balloon.

25K is the maximum cash amount you can legally carry out of India. Anything in excess is illegal.

I'm just amazed that NRI Patriots not only illegally smuggled out Indian currency but are now cribbing about the difficulties involved in exchanging those piddly amounts. Surely you don't mind writing off a few hundred dollars worth of demonetized Indian currency for the greater glory of your Supreme Leader, that rockstar you deified all these days...?

In a single trip, Mr Drinkman. You don't think people made multiple trips?
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Re: What the hell.......

Post by Merlot Daruwala on Tue Jan 10, 2017 7:45 am

Hellsangel wrote:
Merlot Daruwala wrote:
silvermani wrote:
garam-kuta wrote:
Vakavaka Pakapaka wrote:...is going on with the RBI?...... They extended the deadline for NRIs to exchange the old money to the end of June but they suggest that the money can be exchanged only at (see below):

".....This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur......"

So, if NRIs arrive in Bengaluru, Hyderabad, Ahmedabad, etc., they have to go to one of the listed places to convert the money (Nagpur? why?). Why can't the RBI allow this at other branches (Hyderabad and Bengaluru, for example)? 


Hmm.....


http://indianexpress.com/article/business/banking-and-finance/nris-can-exchange-defunct-notes-till-june-30-others-till-mar-31-rbi-4454000/
this is a strategically brilliant move. reportedly, all the old currency including the fake notes, already came back into the system except for the currency left with the NRIs. if the NRIs cannot convert their cash, the govt can show the few thousand crores as the black money that is not returned and term the scheme as a grand success. so this brilliant scheme to make it as difficult as possible for the NRIs to convert. that way the govt can point out to the critics that it gave a chance for NRIs, but in practice you make it more expensive for them to travel to these citites and stand in lines and then they will just give up as not a worthwhile effort.
Good point. A limit of 25k per NRI seems very unrealistic given that it cant buy much in India. I myself had 30k lying around that I sent thru a friend and had him deposit into his account. I know one person who had 3 lacs and no one was willing to help him. All the well connected bigshots already have crores of new currency at their homes so that punctures a big hole in the anti corruption balloon.

25K is the maximum cash amount you can legally carry out of India. Anything in excess is illegal.

I'm just amazed that NRI Patriots not only illegally smuggled out Indian currency but are now cribbing about the difficulties involved in exchanging those piddly amounts. Surely you don't mind writing off a few hundred dollars worth of demonetized Indian currency for the greater glory of your Supreme Leader, that rockstar you deified all these days...?

In a single trip, Mr Drinkman. You don't think people made multiple trips?

Sure. Sounds nefarious though. Why smuggle out and squirrel away Indian currency outside India??
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Re: What the hell.......

Post by Hellsangel on Tue Jan 10, 2017 7:49 am

Merlot Daruwala wrote:
Hellsangel wrote:
Merlot Daruwala wrote:
silvermani wrote:
garam-kuta wrote:
this is a strategically brilliant move. reportedly, all the old currency including the fake notes, already came back into the system except for the currency left with the NRIs. if the NRIs cannot convert their cash, the govt can show the few thousand crores as the black money that is not returned and term the scheme as a grand success. so this brilliant scheme to make it as difficult as possible for the NRIs to convert. that way the govt can point out to the critics that it gave a chance for NRIs, but in practice you make it more expensive for them to travel to these citites and stand in lines and then they will just give up as not a worthwhile effort.
Good point. A limit of 25k per NRI seems very unrealistic given that it cant buy much in India. I myself had 30k lying around that I sent thru a friend and had him deposit into his account. I know one person who had 3 lacs and no one was willing to help him. All the well connected bigshots already have crores of new currency at their homes so that punctures a big hole in the anti corruption balloon.

25K is the maximum cash amount you can legally carry out of India. Anything in excess is illegal.

I'm just amazed that NRI Patriots not only illegally smuggled out Indian currency but are now cribbing about the difficulties involved in exchanging those piddly amounts. Surely you don't mind writing off a few hundred dollars worth of demonetized Indian currency for the greater glory of your Supreme Leader, that rockstar you deified all these days...?

In a single trip, Mr Drinkman. You don't think people made multiple trips?

Sure. Sounds nefarious though. Why smuggle out and squirrel away Indian currency outside India??
People who make personal trips, I am sure weren't trying to be nefarious, they just didn't bother returning any leftover ₹ and it accumulated. And they probably felt they could use it on the next trip. Those that were not lucky enough to make India trips between Nov 8 and December 30, 2016 got screwed.
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Re: What the hell.......

Post by Vakavaka Pakapaka on Tue Jan 10, 2017 9:08 am

Hellsangel wrote:
Merlot Daruwala wrote:
Hellsangel wrote:
Merlot Daruwala wrote:
silvermani wrote:
Good point. A limit of 25k per NRI seems very unrealistic given that it cant buy much in India. I myself had 30k lying around that I sent thru a friend and had him deposit into his account. I know one person who had 3 lacs and no one was willing to help him. All the well connected bigshots already have crores of new currency at their homes so that punctures a big hole in the anti corruption balloon.

25K is the maximum cash amount you can legally carry out of India. Anything in excess is illegal.

I'm just amazed that NRI Patriots not only illegally smuggled out Indian currency but are now cribbing about the difficulties involved in exchanging those piddly amounts. Surely you don't mind writing off a few hundred dollars worth of demonetized Indian currency for the greater glory of your Supreme Leader, that rockstar you deified all these days...?

In a single trip, Mr Drinkman. You don't think people made multiple trips?

Sure. Sounds nefarious though. Why smuggle out and squirrel away Indian currency outside India??
People who make personal trips, I am sure weren't trying to be nefarious, they just didn't bother returning any leftover ₹ and it accumulated. And they probably felt they could use it on the next trip. Those that were not lucky enough to make India trips between Nov 8 and December 30, 2016 got screwed.
Yeah. My wife and I didn't bother converting Rs back into $ on our return journeys. We also don't have local debit cards. So, if we have ready cash, it has been useful whenever we go there. Well, I guess we can't even keep those old notes as souvenirs!

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