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.
- Under the new facility, NRIs can carry up to Rs 25,000 via airports and deposit them at RBI offices.
- This deposit facility is not available for PIO/OCI card holders. Only Indian Passport holders with NRO bank accounts are eligible.
Customs declaration form needed
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.
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.
Related
- 6 reasons why RBI’s extended deadline will not help most NRIs
- Good news! NRIs can exchange old notes till 30 June 2017
- How much currency can you carry to India?
- Depositing 500, 1000 Rupee notes to NRI bank account : Common Questions
- Understanding NRI Bank accounts
- Originally Published on 9 November 2016
341 Comments
Mr Modi would be in US on June 26. Does anyone have a suggestion as to how we can get this matter across to him in person through any Indian American organization? Send them an email perhaps so that they bring this topic in discussion with PM ,that OCI be able to somehow exchange their Indian Rupees here in US or some other solution for those who could travel to India etc…Direct talk may bring a decision.
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Send him a GIFT of your old rupees. He sure will appreciate.
A grand father, Leaving sum of 50,000.00 rupees to a grand son, has a token of love for him to use when ever he comes to visit India. .I know it is only matter of 7-900.00 Canadian dollars., but it is the thought that when ever the grandson goes back to his grandparents place for a visit ,has now lost emotional feelings , about visiting India with or without grandfather. Mr. Modi you have lost lots of tourism , 2-3 generation would have been able to travel saying that their roots are there and visit., with pride and now they don’t even want to talk about it to they friends of what is happening out there. I think the change could have been done like in the other western world. All money exchange could have been done in all the banks and for a longer period of time. The question why is the average person suffering.? I thought you worked for the public’s best interest . It does look like you are doing that at all. Please think about this, If you were that average person how would you feel, if you had worked hard has a laborer and saved up some money for your grandson and now , The grandson can not use it because it is out of circulation. I am sure you would be pretty mad at the PUBLIC SERVANT..I believe that we has people voted for you to make our lives better not difficulty., and stressed out. There is enough daily stress for each family to cope with. With out you adding more than needed.Please, Please think how it has affected normal peoples lives.
What about those NRIs who are coming to India after 30 Jun. 2017 who have old currency in their hand (as well as some money they keep in their homes in India) Why RBI/ Govt. is simply guessing that all NRIS have to travel during the period Nov 8 to Jun 30 window. All NIRI are not back to India less than a year. This too painful. No MPs or MLAs and even no media are considering this type of difficulties. When its comes to Vote, every body considers everybody. Please look into this.
What about the NRIs travelling after 30 June 2017, who have not travelled to India during the period 8/11/2016-30/06/2017. Why NRI café is silent on this. Why all other medias are silent on this. Why State Govt. is silent? why Central Ministry I s silent. Do all this people including media think that all NRIs are travelling every 8 months. Many have old currency from 500 ++. Many are not travelling on gap of one year +). Similarly what is the meaning of going to Mumbai for changing RS. 2000/- or 500/- from Karnataka Does the media has closed they eyes on this issues. Politicians, now looking for votes of NRIs.
June 30 deadline for NRIs to exchange indian rupees has gone. Do not know whether Mr Modi will come up with a plan for OCI/PIO holding demonetised currency.There are two petitions online on this subject.Those OCIs who have not signed them yet may consider doing so . It might help our cause.
One is CHANGE .ORG and other is IPETITION.ORG .You may put these in google search box along with “OCI holding indian rupees” and you will get to the website. I am trying to keep the topic alive on this site hoping that this matter will be resolved in our favor( OCI/PIO) .
i ask govt of india to open door for OCIs to exchange 500 /1000 rupee notes may be upto year 2000 and beyond; as the money is small, it may not be worth travelling to India; RBi could authorize the SBIs and other Indian banks operating overseas to handle this issue; thanks for keeping it active.
Im Argentinian holding 7000 in 1000 bills . Im arriving in delhi on 17 oct . Can i change this in airport. Please help me
Have you heard anything back from them. I am also having same issue
I am 19/03/2016 still in Oman. I am coming march but I have 2000 Indian rupees. How to Exchange.