The RBI notification about the facility for exchange of Specified Bank Notes (SBNs) during Grace Period says The provisions of the facility are as under:
As per the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 of the Government of India, the captioned facility has been formulated by the Reserve Bank to afford an opportunity to those Indian citizens who could not avail facilities of exchange of SBNs (Specified Bank Notes) under the earlier facility, as they were not present in the country during November 9, 2016 to December 30, 2016.
Who is eligible?
The facility can be availed only by Indian citizens in their individual capacity and only on one occasion during the period. No third party tender is permissible under the facility.
Among Indian citizens, two categories of individuals, holding SBNs, can avail of the facility:
i. Resident Indians who were abroad during the period from November 9 to December 30, 2016, and
ii. Non Resident Indians (NRIs) who were not in India during the period from November 9 to December 30, 2016
iii. This facility will not be available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
Where to exchange?
This facility will be made available through five of the offices of the Reserve Bank viz. the Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
Duration
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.
Representation
Any person, aggrieved by the refusal of the Reserve Bank to credit the value of SBNs tendered, may represent to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal to him. Such representations should be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, Central Office Building, 16th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001. The representation may also be mailed.
