Exchange facility for foreigners extended till January 31: RBI

Holders of such currency were given options to either exchange notes or deposit in bank accounts

The Reserve Bank today said foreign citizens can exchange foreign currency notes for Indian currency up to a limit of Rs 5,00 per week till January 31.

Earlier, RBI had permitted foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of Rs 5,000 per week till December 15, 2016 and later extended the facility till December 31, 2016.

"On a review it has been decided that the instructions ...Shall continue to be in force till January 31, 2017," the central bank said in a notification.

While exchanging the notes, the foreign passport holder will have to submit a self-declaration that the facility has not been availed of during the week.

Following cancellation of legal tender character of old Rs 500 and Rs 1,000 notes, the government and the RBI had announced a host of steps to help people deal with the cash problem.

Holders of such currency were given options to either exchange the notes or deposit in their bank accounts.