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Conditions for NRIs to exchange Old Notes
By: Tupaki Desk | 2 Jan 2017 12:49 PM GMT
Reserve Bank of India (RBI) listed out specific conditions for Non-Resident Indians (NRIs) & Resident Indian Citizens to exchange the scrapped Rs 500 and Rs 1000 notes in their possession.
Resident Indian Citizens who were abroad from November 9th to December 30th could avail exchange facility till March 31st, 2017. No monetary limit for exchange.
Whereas, Non-Resident Indians have banned higher denomination notes could avail exchange facility till June 30th, 2017. NRIs would exchange just Rs 25,000 per person as per FEMA Regulations.
NRIs & Resident Indians need to declare old currency they wish to exchange before the customs officials at the Airports. No Third Party Tender will be accepted to use exchange facility. Once the conditions were fulfilled, The old notes will be accepted by RBI and the amount would be credited to KYC Compliant Bank Account.
Resident Indian Citizens who were abroad from November 9th to December 30th could avail exchange facility till March 31st, 2017. No monetary limit for exchange.
Whereas, Non-Resident Indians have banned higher denomination notes could avail exchange facility till June 30th, 2017. NRIs would exchange just Rs 25,000 per person as per FEMA Regulations.
NRIs & Resident Indians need to declare old currency they wish to exchange before the customs officials at the Airports. No Third Party Tender will be accepted to use exchange facility. Once the conditions were fulfilled, The old notes will be accepted by RBI and the amount would be credited to KYC Compliant Bank Account.
