RBI allows NRIs to exchange old notes till June 30, 2017
By Vamsi Krishna N : 07-Jan-2017
The Ministry of External Affairs, today announced that, the citizens of India who are not residing in India (NRIs) can exchange their old scrapped notes of Rs. 1000 and Rs. 500 at RBI offices until June 30.
However, each person can bring back only Rs. 25000 according to the regulations of the notification: Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. The ministry also said that, apart from the above limit per person, all the regulations stated in the above mentioned act would apply for the exchange of the notes.
The ministry said that, “The Ministry of Finance through a gazette notification S.O. 4251(E) dated December, 30, 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 (exchanging old notes) would be available to all Indian citizens who were outside India from November 9 to December 30 to tender these SBNs (specified bank notes) at the specified Issue Offices of RBI until 31 March 2017.”
The MEA further added that, “For those citizens of India, who are not resident in India, this facility would be available till June 30, 2017 in order to allow them adequate time to plan a visit as per their convenience.”
“The 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 25,00 per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply,” the MEA said.
However, the ministry said that for persons living in Nepal and Bhutan, separate FEMA provisions will be applicable and would continue to apply.