Foreign citizens can exchange banned notes till January 31

Reserve Bank of India had earlier set December 15 deadline

The Reserve Bank on Wednesday said foreign citizens can exchange foreign currency notes for Indian currency up to the limit of Rs 5,000 a 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 a week till December 15, 2016 and later extended the facility till December 31.

“On a review it has been decided that the instructions ...shall continue to be in force till January 31,” 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.