India’s central bank, the Reserve Bank has extended the deadline for exchanging the old Rs 500 and 1000 notes for Non-Resident Indians.
The RBI has now extended the date by which NRIs can exchange banned notes to June 30, 2017.
In its latest circular, the RBI has said that the move is aimed at accommodating those who were not in India at the time of the announcement of demonetisation of the specified notes.
“Resident Indian citizens who were abroad during 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,” the RBI said in a statement.
There will be no monetary limit for exchange for the eligible Indian citizens. However, deposits from Non-Resident Indians will be subject to the relevant Foreign Exchange laws. They will also be required to submit their identity documents, such as Aadhaar number, Permanent Account Number and proof of their overseas travel during the period between November 9 and December 31, 2016.
NRIs will also be required to present a certificate from the customs department about the import of the old Indian currency notes. No third party tender will be accepted under this facility.
Indian citizens who were travelling overseas will be able to exchange the old currency notes until 31 March 2017.
The earlier deadline for exchanging the specified currency notes for people in India ended on December 31, 2016. The Indian government had earlier given the NRIs time until 31st March 2017 for depositing their cash.
On fulfilment of the terms and conditions and the genuineness of the notes tendered, the admissible amount will be credited to the tenderer’s KYC compliant bank account.
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.
Should any bank refuse to accept deposits from an NRI, the aggrieved person will be able to make a representation to the RBI’s central board.
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