RBI allows NRIs to exchange old Rs 500, Rs 1000 banknotes up to June 2017

Srinagar: Non-resident Indians (NRIs) can exchange old Rs 500 and Rs 1000 notes till June 30, 2017, the Reserve Bank of India said on Saturday.

However, Indian citizens in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

“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 upto June 30, 2017,” the RBI said in a notification after Prime minister’s speech.

RBI added that “while there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations”.

The existing regulations allow NRIs to carry Rs 25,000 overseas.

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.

RBI added, “They 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.

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