Good news for NRIs. Non-Resident Indians can exchange demonetized Rs 500 and Rs 1,000 notes at RBI offices till 30 June. The new announcement has mad by external affairs ministry on Friday.
Apart from NRIs all Indian citizens who were outside India from 9th November 2016 to 30th December 2016 can also tender the old notes at the specified Issue Offices of RBI until 31 March 2017. The demonetization announcement was made by PM Modi on November 8. Different Ways NRI's Can Exchange Rs 500, Rs 1000 Notes?
"The ministry of finance through a gazette notification S.O. 4251(E) dated December, 30, 2016, in exercise of the powers conferred by relevant provisions of the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016, has announced that this facility (exchanging old notes) would be available to all Indian citizens who were outside India from November 9 to December 30 to tender these SBNs (specified bank notes) at the specified Issue Offices of RBI until 31 March 2017.
"For those citizens of India, who are not resident in India, this facility would be available until June 30, 2017, in order to allow them adequate time to plan a visit as per their convenience," the MEA said in a statement.
As per the new regulations bringing back old currency into the country is restricted to Rs. 25,000 per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.