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

341 Comments

  1. It discrimination of NRI with OCI, they forgot contribution of OCI in foreign remittance, they for got grand reception given to modiji,n support to OfBJP did not come from NRI with Indian passport holder. It is issue of faulty mechanism, bad implementation. Nothing to do with detachment,

  2. Oh yes Suraksha I can see how it can be easily misunderstood, sorry about that. Let me clarify, I changed my pounds sterling into rupees at an ICICI Bank branch, by cox’s and Kings exchange facility. ( meaning my rupees were legitimate, not black money)
    I didn’t get those very same rupees ( all old notes) changed back… So I lost out like many nri’s due to demonitisation and no proper easy process / means to get it done. :(
    Anyways..life goes on. Hare Krishna 🔆

  3. Hi Suraksha, Yes I can see how it can easily be misunderstood, sorry about that. Let me clarify, the pounds sterling I changed into rupees at ICICI Bank. ( meaning all legitimate not Black money)
    I never managed to get those very same rupees ( all old notes) changed into new notes to be of any use to me now…all waste of my hard earned cash. :(
    Anyways life goes on…
    Hare Krishna 🔆

  4. Neha Batra on

    My parents were out of country at the time of demonetization , they came back to india last month only. they have some money lying at home , went to RBI, but not getting any response. As they can’t get the custom declaration copy. But they are having all the proofs that they were out of country at that time. My parents money is the hard earned saving of many years specially of my mother. That is not a black money . should not it should be exchanged??? What to say Mr Modi ??

  5. To all supporters of PM Modi I sincerely apologise..
    I now realise PM Modi is actually doing alot for Banning Cow Slaughter in India and protecting cows…
    ..sorry for my ignorance earlier about PM MODI
    ( I thought he was tackling more on swaach bharat and sanitation mostly ..which is good and much needed ofcourse..but it should include COW PROTECTION too…)
    now i researched and realise below… so good on him! Great ! now he needs to ensure he gets this policy completed and irrevocable laws in place to protect cows.

    ***************************************************************
    ..India’s prime minister, Narendra Modi, won office in 2014 campaigning for a national ban on cow slaughter, and under his tenure there has been a surge in projects to improve the animal’s welfare.

  6. any body want procedure or forms for changing old currencies can mail me pookalashree at gmail.com, I just did 25000 at rbi Chennai , am from UAE

  7. I am panning to go over to Hyderabad, India in December 2017, I still have Rs.13,000 worth of old 500 notes.How do I get this money exchanged? It does not make sense flying to Nagpur to get the notes exchanged before June 2017.
    Not sure how the Indian Govt is doing this, it is not possible for people like me who live abroad and flyb back to India for a holiday only during Christmas.

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