Facilities available to NRIs for exchange of old series of Indian Bank Notes of Rs. 500 & 1000 denominations.

            As was notified on 8 November 2016, those persons who were unable to exchange or deposit the old series Indian bank notes of Rs. 500 and 1000 denominations (Specified Bank Notes - SBNs) in their bank accounts on or before 30 December 2016 shall be given an opportunity to do so.

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 30 June 2017 in order to allow them adequate time to plan a visit as per their convenience.

The above facility would be subject to the regulations of the notification 'Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations bringing back such currency into the country is, restricted to Rs. 25000/- per person. Separate FEMA provisions applicable to persons in Nepal and Bhutan would continue to apply.

For further details, may please follow the relevant links:

(i) Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 of 30 December 2016; http://www.egazette.nic.in/WriteReadData/2016/173362.pdf

 (ii)  Notification S.O. 4251 (E) dated 30 December, http://www.egazette.nic.in/WriteReadData/2016/173367.pdf

 (iii) Press Release issued by DEA dated 30 December http://dea.gov.in/sites/default/files/PressRelease30122016.pdf