NRIs can deposit demonetised bank notes till 30 June 2017: MEA

Indian citizens who were outside India can also tender the old notes at RBI until 31 March 2017

The Ministry of External Affairs (MEA) on Friday announced that Non-Resident Indians can now deposit demonetised notes of Rupees 500 and 1000 till 30 June 2017.

The MEA further announced that all Indian citizens who were outside India from 9th November 2016 to 30th December 2016 can also tender the old notes at the specified Issue Offices of RBI until 31 March 2017.

"Accordingly, the Ministry of Finance, Government of India through a gazette notification S.O. 4251(E) dated 30 December 2016, in exercise of the powers conferred by relevant provisions of the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016, has announced that this facility would be available to all Indian citizens who were outside India from 9 November 2016 to 30 December 2016, to tender these SBNs at the specified Issue Offices of RBI until 31 March 2017. For those citizens of India, who are not resident in India, this facility would be available till 30th June 2017 in order to allow them adequate time to plan a visit as per their convenience," the statement read.

The above facility would be subject to the regulations of the notification "Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.

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

Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.