Rs 500 and 1000 notes were banned in a surprise move last month to curb black money. (Representational)
Highlights
- Indians in UK nominate representatives to ferry cash
- Many approaching tourists to carry cash back home
- Indian-origin lawmakers write to government, RBI, banks
With less than a month to go for the deadline to exchange or deposit old 500 and 1,000 rupee notes, much of the non-resident Indian or NRI community is still stumped with what to do with their share of scrapped currency.
In the UK, which has more than 1.5 million people of the Indian community, NRIs are trying different methods to ensure their money is not wasted.
With steep airfares making it unviable for many to travel home for small sums of cash, many Indian groups are getting together to nominate representatives to carry cash on behalf of many for depositing old notes.
Many are also approaching tourists from India to carry cash back in their behalf. "It is a chance we could take. If we don't, the money will get wasted anyway. And Indian tourists are trustworthy," said one young NRI businessman on condition of anonymity.
Vidya Krishnan, who is on a holiday in London, she is carrying more scrapped cash than souvenir back to Bengaluru.
"Many from my family, friends, friends of friends have requested me to carry their cash back. While I could oblige some, most I could not because there is only a limit that I am allowed to carry as an individual," she said.
Indian origin lawmakers in the UK, have also requested the Indian Government, the RBI and written even to the Bank of England to intervene.
Labour lawmaker Virender Sharma who represents the Southall constituency which has more than 35 per cent Indians, himself had about Rs 13,000 rupees in old 500 and 1000 notes until recently which he managed to deposit during an official trip to India.
"I have been getting so many letters, calls and requests from the members of my constituency which I have duly passed on to the authorities. Why should the working class... be penalised?" Mr Sharma said.
The Indian foreign ministry is on its part is reportedly looking into suggestions on how People of Indian Origin (PIO) and Overseas Citizen of India (OCI) card holders can deposit their old notes.