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NRIs can exchange old Rs 500, Rs 1000 banknotes up to June 2017: RBI

RBI on Saturday came out with a set of conditions for NRIs who failed to exchange their now defunct old notes of Rs 500 and Rs 1000 till December 30.
India TV Business Desk New Delhi January 01, 2017 11:00 IST
India TV Business Desk

In a respite for non-resident Indians, the Reserve Bank of India on Saturday came out with a set of conditions for those who failed to exchange their now defunct old notes of Rs 500 and Rs 1000 till December 30, the last day for depositing the invalid currency notes in banks.

“Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility up to March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017,” the RBI said in a notification soon after Prime Minister Narendra Modi’s speech yesterday.

“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),” the central bank 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, it 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 admissible amount will be credited to the tenderer’s KYC compliant bank account.

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

According to 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.