In a huge relief to NRIs holding demonetized notes, RBI has allowed Non-resident Indians (NRIs) to exchange their old Rs 500 and Rs 1,000 notes at specified RBI Offices till June 30, 2017.
The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non-resident Indian (NRI) citizens.
Resident Indian citizens who were abroad from 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 up to June 30, 2017.
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. They can avail this facility in their individual capacity once during the period on submission of ID documents, such as Aadhaar number, Permanent Account Number (PAN), etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier, Customs certificate about the import of SBNs by NRIs, etc. No third party tender will be accepted under the facility.
The rules pertaining to Non-resident Indians bringing in cash to the country would be as per Foreign Exchange Management Regulations (FEMA) which allow only Rs 25,000 cash can be brought into the country per person. The facility will remain open for residents from January 2, 2017, to March 31, 2017, and for NRIs from January 2, 2017, to June 30, 2017.
While the person coming back to India have to declare the number and denomination of the Specified Bank Notes at the airport. This declaration will be required at the time of depositing the SBN at RBI offices.
This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.