What Should NRI Do To Change The Old Currency?

An NRI can deposit the old Rs500 and Rs1,000 currency notes to thier non-resident ordinary rupee (NRO) account, according to RBI guidelines.

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What you can do with the old currency notes of Rs 500 and Rs 1000, if you are not in India now? If you are not in India and you have specified banknotes in India, you may authorize in writing enabling another person in India to deposit the notes into your bank account.

As per the clarification issued by the Reserve Bank of India, the person so authorized has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof.

What Should NRI Do To Change The Old Currency?

Valid Identity proof is any of the following:

  • Aadhaar Card
  • Driving License
  • Voters ID Card
  • Pass Port
  • NREGA Card
  • PAN Card

Identity Card (Issued by Government Department, Public Sector Unit to its Staff)

For NRIs with NRO account

For the non-resident Indians (NRIs) who keep Indian currency, the move to demonetize Rs 500 and Rs 1000 notes may spell hardships. If you are an NRI and hold NRO account, you can deposit the old banknotes to your NRO account. Foreign citizens will be permitted to exchange foreign currency up to Rs 5000 per week. Necessary entry to this effect will be made in their passports.

Read Also: Indian Currency Demonetization: Advantages and Disadvantages

Read more about: nri, currency, nro account, currency ban, rbi
Story first published: Saturday, December 24, 2016, 10:17 [IST]
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