Note ban | RBI allows NRIs to exchange old defunct banknotes up to June 30

Indian citizens who are not resident of India will be able to exchange old Rs 500 and Rs 1,000 notes at RBI offices till June 30, the External Affairs Ministry announced on Friday.

The Ministry said the provision to exchange the notes would be subject to the regulations of the notification—

Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 which put the limit of bringing back currency into the country at Rs 25,000 per person.

The announcement comes a day ahead of the three-day-long Pravasi Bhartiya Divas convention in Benguluru which is expected to be attended by overseas Indians from across the world.

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“The Ministry of Finance through a gazette notification S.O. 4251(E) dated December, 30, 2016, in exercise of the powers conferred by relevant provisions of the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016, has announced that this facility (exchanging old notes) would be available to all Indian citizens who were outside India from November 9 to December 30 to tender these SBNs (specified bank notes) at the specified Issue Offices of RBI until 31 March 2017.

“For those citizens of India, who are not resident in India, this facility would be available till June 30, 2017 in order to allow them adequate time to plan a visit as per their convenience,” the MEA said in a statement.

It said separate FEMA provisions will also be applicable to persons in Nepal and Bhutan which would continue to apply.

“The facility would be subject to the regulations of the notification ‘Foreign Exchange Management (Export and Import of Currency) Regulations, 2015’. As per these regulations bringing back such currency into the country is restricted to Rs 25,00 per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply,” the MEA said.

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