Decision on defunct Indian currency notes for NRIs soon

By Vinod Nair — MUSCAT: Dec. 3: A decision is expected any time on how to help Indian expatriates to exchange their 500 and 1,000 currency notes, this was stated from the officials of the State Bank of India (SBI), who were on a visit to the country. “The matter has been taken up with the Reserve Bank of India and we can expect a decision soon, probably in the next two to three days,” an official said.
The demand and flow of cash cannot be predicted but added that the current crisis is a temporary phenomenon, which will gradually over the next few months,” P K Mishra, general manager (NRI services), SBI, Mumbai.
Meanwhile, Vikas Swarup, India’s Ministry of External Affairs (MEA) said an inter-ministerial task force was set up to address these issues.
Admitting that the advice put up by RBI does not offer the required clarity to the NRIs having old notes, whose legal tender status has been cancelled, Swarup on Thursday said an inter-ministerial task force was set up by the Department of Economic Affairs to address these issues. “The task force has come out with a set of recommendations that are being reviewed by the Finance Ministry and MEA was awaiting a decision on the same,” he added.
The bank officials said the merger of State Bank of Travancore (SBT) and State Bank of Hyderabad (SBH) with State Bank of India (SBI) will be beneficial to the employees and customers of bank. “It will help in doing away with the duplication of work across branches and also bring the borrowing costs down.
The meeting was held in the presence of C R Sasikumar, managing director of (SBT), Santanu Mukherjee, managing director, SBH, K S Subromoniyan, managing director, Global Money Exchange and Madhusoodanan R, general manager, Global Money Exchange and P K Mishra.