RBI has allowed NRI’s ( non-resident Indians) to exchange scrapped Rs 500 and Rs 1,000 notes till June 30. NRIs and Indians returning from abroad will have to physically show the old Rs 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI.
- NRI’s who were abroad during November 9 and December 30, 2016, can exchange old Rs.500 and Rs.1000 currencies up to June 30, 2017 – The limit for NRIs will Rs 25,000 per person as per the relevant FEMA Regulations
- Resident Indians who were abroad during November 9 and December 30, 2016, can exchange old Rs.500 and Rs.1000 currencies up to March 31, 2017- no limit for exchange for the eligible Resident Indians.
NRIs, Indians returning home to show old notes to Customs
- Indians abroad will have to produce a “copy of passport with immigration stamp as proof of the individual’s absence from the country during the period November 9, 2016, to December 30, 2016″
Where can I deposit the money ?
For NRIs the facility is available from January 2, 2017 to June 30, 2017 at five Reserve Bank offices.
- Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
for more information visit RBI – https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122