2017 Guide: How NRIs can change their old 500 and 1000 Rupee notes

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NOTE: This article has been updated on 27 January 2017  to reflect the only applicable option and detailed requirements for the same.

The sudden announcement about withdrawal of 500 and 1000 Rupee notes has left many NRIs abroad looking for answers as to how could they get their old 500 and 1000 rupee notes exchanged.

As of 2 January 2017, options such as exchanging currency at foreign branches, exchange houses, airports etc are not applicable any more. The deadline for depositing to NRO accounts was 30 December 2016.

Option available till 30 June 2017: Deposit at RBI office

Now, the only available option is to deposit the money via Reserve Bank of India (RBI) offices.

RBI on 31 December 2016 announced in a notification that it will introduce a facility for exchange of old specified bank notes for Indian residents and NRIs, who were abroad from November 9 to December 30.

According to a RBI notification, Indian residents, who were abroad during November 9 to December 30, 2016 can avail the new facility up to March 31, 2017, while NRIs can avail it up to June 30.

Customs declaration form needed

In order to prevent misuse of this facility, the specified bank notes should be declared to customs officials on arrival at airport.

The passenger has to arrive through Red channel and fill up a one-page declaration form. A stamped document will be issued by Customs official indicating the import of SBNs, their count and value.

RBI office locations

  • The deposit facility will be available only at Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. Normal banks will not accept SBNs directly.

Documents required for submission at RBI office

  • Stamped document issued by Indian Customs indicating the import of SBNs with details and value
  • A copy of Passport with immigration stamp as proof of the individual’s absence from the country during the period.
  • Passport in original should be presented at the RBI counter for verification
  • ID document (Aadhaar number, Permanent Account Number (PAN) etc.)
  • Copies of statements of all bank accounts in India evidencing that no SBNs were deposited during November 10, 2016 to December 30, 2016.
  • Declaration that holder has not availed the exchange facility earlier

Other conditions

On fulfillment of the terms and conditions and the genuineness of the notes tendered, admissible amount will be credited to the tenderer’s KYC (know your customer) compliant bank account.

Third-party tender will not be accepted under the new facility, which means you cannot ask someone else to deposit it for you.

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The facility will remain open for residents from January 2, 2017 to March 31, 2017 and for NRIs from January 2, 2017 to June 30, 2017.

Indian citizens residing in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.


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- Originally Published on 9 November 2016

310 Comments

  1. Indian citizens who were not in India from 9 Nov to 30 Dec 2016 can exhange INR. 500 and INR 1000 at RBI branches. But do I still need an NRO account?

  2. hardeep Singh on

    my money is in India in my home. We all are out from last 8 moths. is it possible to go and get it exchanged now ?

  3. Can anyone reply who ever has deposited the money in banks any problems r they facing to deposit .becoz even my money is at my home in india nearly around 40 000 rs n i am going in august i want to know the can i deposit my money as i am from hyd n i have to travel to chennai or other rbi branch becoz in hyd rbi branch is closed for nris

  4. Hi, 21 march i visited RBI Delhi.There are so much big queue that i standup about 7am in queqe.2.30pm when rbi gate closed till 500 more people standing infront of me.More than 100 peoples sleeping in night infront of RBI gateThere are women ,old person all standing in same queue.i have 50k which was left in home, as i was out of india for more than 6 month so i can change only max 25k which i have to show in custom office and need there stamp.i have that time only 8k.there are also other rule for nri, you need to show Addhar card,Pan card,Declartion form,all bank account statements.so i return back just waste my 2 days& 5-6k money more spend in Delhi .Thanks.

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