Deadline to exchange old Rs 500 and Rs 1000 notes extended for NRIs

A Copy of Passport with immigration stamp as proof of the individual’s absence from the country during the period November 9, 2016 to December 30, 2016 will need to be submitted to exchange the old notes.

Source: Public Domain

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 who were abroad during November 9, 2016 to December 30, 2016.

Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can change their old Rs 500 and Rs 1000 notes upto June 30, 2017.

While there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be Rs 25,000 per individual depending on when the notes were taken out of India as per relevant FEMA rules.

Points to keep in mind when bringing the banned notes into the country:

• A Copy of Passport with immigration stamp as proof of the individual’s absence from the country during the period November 9, 2016 to December 30, 2016 will need to be submitted to exchange the old notes. Passport in original will have to be presented at the RBI counter for verification.
• A certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof should also be submitted.

NRIs and resident Indians who have returned from their trips abroad 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 import of SBNs by NRIs etc.

No third party tender will be accepted under the facility.

On fulfilment of the terms and conditions and the genuineness of the notes tendered, admissible amount will be credited to the tenderer’s KYC compliant bank account.

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.

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 will not be able to avail this facility.