Deadline For Depositing Old Notes In RBI Ends Today

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The closing date for deposit and exchange demonetised Rs 500 and Rs 1,000 notes at RBI for Indian citizens who were abroad during the demonetization period, ends today.

This facility is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur. There's no limit for exchange for eligible resident Indians. Notably, NRIs are allowed to deposit such notes till June 30. With the March 31 deadline looming for depositing demonetised currency, the Reserve Bank offices continued to witness long queues.

Here are things you need to know before March 31 ends:

Deadline March 31

Possession of more than 10 old notes of Rs 500 and Rs 1000 are after March 31 is illegal for Indian residents. Violation of this is punishable with a fine which may extend to Rs 10,000 or five times the amount of the face value of the notes, whichever is higher.

NRIs

The central bank allowed Indian residents who were abroad during November-December 2016 to exchange the scrapped notes up to March 31 but for non-resident Indians (NRIs) the deadline is June 30. The facility to exchange old notes is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur.

Red Channel

NRIs coming to India are required to come through 'Red Channel' disclosing to the Customs authorities at the airport the amount of the defunct notes and secure a certificate to be tendered at RBI at the time of exchange. A one-page form has been worked out for the purpose.

Limit

The limit for exchanging old currency by NRIs will be as per the relevant FEMA Regulations Rs 25,000 per person. Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

ID proofs mandatory

ID proofs are mandatory 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" as also copies of all bank account statements evidencing that no SBNs of 500 and 1,000 rupees were deposited during the 50-day window. Valid ID proof and Aadhaar number along with the applicant's KYC-compliant bank account details are also to be submitted for exchanging old notes.

Declaration form

For the period from up to March 31, 2017, or June 30, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying Specified Bank Notes (SBNs) for depositing these SBNs in the specified offices of RBI in India," according to a finance ministry notification. A 1-page form has been worked out for the purpose. The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger.

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Read more about: nri, demonetization
Story first published: Friday, March 31, 2017, 13:35 [IST]
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