NRI exchange old notes Rs.500, Rs.1000 Guidelines to be followed till 30-6-2017

Reserve Bank of India last date for NRI exchange old notes is till 30 June 2017. All Non Resident Indians have been granted time till 30-6-17 by RBI. Along with this all Residents of India who were on travel to other countries except Bangladesh, Nepal, Bhutan, Pakistan are allowed time till this specified date. Non Resident Indians (NRI) can exchange old notes of denominations Rs 500, Rs 1000 till this date.

Resident Indians who have been out of country during demonetization and last date of depositing old notes on 30th Dec 2016 should produce documents of travel. There will be no Cash deposit for Resident Indians in exchanging or depositing old notes in RBI counters. But NRI’s will have a limit of Rs.25,000 as per FEMA Regulations in exchange of old notes they possess. People coming from countries like Nepal, Bhutan should not carry demonetized / banned notes of Rs. 500, Rs. 1000 denominations to India. All NRI’s can exchange notes only if they declare amount of money they are bringing to India.

Customs Declaration Certificate has to be given along with old demonetized notes at RBI counters. Those NRI’s who did not possess customs declaration certificate of amount that was carried to India were not allowed to deposit it at RBI. Possession of demonetized notes of denominations Rs.500, Rs.1000 will be considered as illegal after specified depositing date. As per Specified Bank Notes (Cessation of Liabilities Ordinance) passed on 30th December 2016 all holders of demonetized notes will be imposed penal liability.  Customs Declaration Certificate is made Mandatory / Compulsory for all NRI’s to do old notes exchange in RBI counters.

Only up to Rs.25000 per person of specified bank notes (SBN) of old 500 and 1,000 rupee notes can be brought to India. This limit is specified as per FEMA (Foreign Exchange Management) rules under Export and Import of Currency Regulations 2015.

NRI exchange old notes Rs.500, Rs.1000

Lakhs of NRI’s (Non Resident Indians) are abroad in many countries. All of them may be having little currency notes with them which may amount to a total of many crores. NRI exchange old notes is given more time which was questioned recently by Supreme Court. Actually it was not a question against NRI’s exchanging old notes. It was aimed at Central Government who did not allow all people of India extra time to deposit their old notes till 31 March 2017.

Due to complex activities included in exchanging of old Rs.500, Rs.1000 currency notes in India, many people have not bothered to do so. This was why more time was granted to NRI’s in exchanging of old notes and they are granted 2 extra months.

NRI exchange old notes

Will Indian Government give more time to all people till 31 March 2017 to deposit old notes at RBI counters or at banks. Will there be an extension of dates beyond 31-3-17 for all Indians to deposit or exchange old notes is being asked by all.

Last date for Residents to exchange old notes is till 31st March 2017. In case of NRI’s last date for exchanging old notes is 30 June 2017. Documents to be submitted include ID proof such as Aadhaar number, Permanent Account Number (PAN).

For NRI’s Customs Declaration certificate, Immigration stamp that he or she was not in India during period 9th November 2016 to 30th December 2016 is required.

It will be considered as a criminal offense and will be imposed fine of Rs.10,000 or 5 times fine of illegal notes held which ever is higher.