Good News! NRIs can exchange old notes till 30 June 2017

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In a decision that would bring some relief to NRIs holding demonetized notes, the Finance Ministry on Friday said that non-resident Indians (NRIs) can exchange and deposit scrapped Rs 500 and Rs 1,000 notes at specified RBI offices till 30 June 2017.

This comes after President Pranab Mukherjee cleared an ordinance criminalising possession of demonetised notes worth over Rs 10,000. Under the ordinance, holding, transferring, and receiving old notes is illegal and a punishable offence.

30 June deadline only for NRIs

The Rs 25,000 limit will also apply to resident Indians who were abroad between 8 November and 30 December, but they will have to turn in the old notes by 31 March at designated offices of the Reserve Bank of India (RBI).

“For those citizens of India who are not residing in India, this facility (to deposit notes in RBI) would be available till June 30, 2017 in order to allow them adequate time to plan a visit as per their convenience,” the release said.

Maximum limit of Rs 25,000

The rules pertaining to non-resident Indians bringing in cash into the country would be as per Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.

As per these regulations, bringing back such currency into the country is restricted to Rs 25,000 per person.

Old notes have to be declared at airports

While coming back to India, the number and denominations of the Specified Bank Notes (SBNs) would have to be declared to the customs authorities at the airports and other entry points.

The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit in RBI issue offices will be later announced by RBI.

NRIs can avail this facility in their individual capacity once during the period on submission of ID documents, such as Aadhaar number, Permanent Account Number (PAN) etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier.

  • The facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

The finance ministry said once the deposit period gets over, the liabilities of RBI and the guarantee of the central government towards SBNs will stand extinguished.

After this period, holding, transferring and receiving such notes will attract a fine of Rs10,000 or five times the value of the notes, whichever is higher.

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President Pranab Mukherjee on Friday promulgated the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 to extinguish the liability of the Centre and the apex bank on demonetised notes.

The ordinance would become a law once passed by both the houses of the Parliament.


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-Published on 30 December 2016

86 Comments

  1. same as Irfan. I also kept some money at home, naturally to meet exigencies, before leaving for six months to USA. I am a resident Indian. I do not think that hard earned Income tax paid money can be cancelled giving even less than six months’ notice.

  2. Abhi 500 ke pura ne not kaha badlsakte he kise pass koi idea he to bolo mere pass 55000 rs he mene RBI ME PUCHA TO BOLE KI ONLY FOR NRI KE HI NOT BADLE GE my 9879960421

  3. What about the people who travel overseas for long term more than one, two years, how can they exchange within the short span of time 6 months notice, this is totally injustice.

    RBI should provide at-least two years of time for NRI’s.

  4. Is it a must to declare in customs , in the case of money put in the locker by a NRI, and he can’t declare in custom, is there any provision his PA holder can deposit in RBI, what is the procedures in such case, how much maximum money can be deposited, please clarify sir

  5. normally nris from Canada plan to go to india in winter months, November to feb. If they go in summer they get sick. sothe date should be extended, may be put he limits

  6. Syed Murtuza Ali on

    Yes I agree, it is not possible for me to come before Sep 2017, and many NRI’s can’t come every year as per the company policy. Please do some thing for NRI’s. We are hard working people, we don’t have any black money, and allow us to deposit our money in our banks, in our cities not on select cities, it will be very difficult and panic to travel to other cities.

  7. I too had left some money back home on my last trip in 2016 , so I have easy cash on me when I land. What happens to that money I do not have a declaration from the customs. It’s my hard earned white money. No consideration…it’s such a shame.

  8. Sharma Sandeep on

    People like me who have no plans to visit India till at least next year.
    When Indian banks overseas or foreign banks who were dispensing Indian currency earlier will start taking 500 and 1000 old notes.
    They should give some grace period for the people, who cant travel to India spending lacs of rupees to change a few thousands.

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