Reserve Bank of India has closed the window for the exchange of junked Rs. 500 and Rs. 1,000 notes by Resident Indians who were abroad during November 9, 2016, to December 30, 2016.
Non Resident Indian citizens (NRI) still can avail of this facility up to June 30, 2017. The facility for exchange of specified banknotes (SBNs) by Indians who were abroad was up to March 31, 2017.
While there was no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations. In terms of Section 6 of the Ordinance, whoever knowingly or wilfully makes any false declaration shall be punishable with a fine which may extend to 50,000 INR or five times the amount of the face value of the SBNs tendered whichever is higher.
Any person aggrieved by the refusal of the Reserve Bank to credit the value of notes as mentioned above may make a representation to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him/her.
The facility was open for Indian residents from January 2, 2017, to March 31, 2017, and for NRIs is open from January 2, 2017, to June 30, 2017, at five Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
Many Residents are still left to deposit the money due to the long waiting period of about 6-7 hours after having to travel long distances just to deposit the old scrapped notes. Many cases are there where due to lack of required documents they cannot submit the notes. The exchange facility was only available at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur and people from the nearby states have to travel a long distances to deposit the notes.
The exchange facility is still open for NRI and bringing such currency back to India is restricted to Rs 25,000 per person according to Foreign Exchange Management Regulations.