RBI allows NRIs to exchange old notes till June 30, 2017

Resident Indians who were overseas from Nov 9 to Dec 30 can avail the facility till March 31

cash, protest, currency, demonetisation, black money, ATM, banks, rupee, notes

Photo: Shutterstock

The Reserve Bank of India (RBI) on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians (NRIs), who failed to do so till the last day for depositing the invalid currency notes in banks.

Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017, and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said in a late evening statement.

"While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations (Rs 25,000 per person)," it said.

Citizens can avail this facility in their individual capacity once during the period on submission of ID documents, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier, the RBI said.

The statement added that no third party tender will be accepted under the facility.

On fulfilment of the terms and conditions and the genuineness of the notes tendered, it said, adding that the admissible amount will be credited to the tenderer's KYC compliant bank account.

Also Read

Now, RBI allows NRIs to exchange old notes till June 30

RBI opens vaults for banks to keep old notes

Get inked to exchange notes from today: Here's the RBI guideline

Demonetisation effect: RBI liability remains for old notes

RBI to issue new Rs 20 and 50 notes; old currency notes still valid

PM keeps the populist note going

2017: Note ban to shave off a third of gold demand , jewellers cautious

Note ban, big agreements shaped realty

Sour end for consumer goods

PM Modi's address his way of thanking people for backing note

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

According to the RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

"Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him," it said.

Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department, it added.

First Published: Jan 2 2017 | 8:40 AM IST

Explore News