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NRIs, Indians Returning Home To Show Banned Notes To Customs

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NRIs and Indians returning from abroad will have to physically show the junked 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 during the grace period.

The Indians who were abroad during the 50-day window provided from November 9 to December 30 to deposit the old currency have been given a 3-month grace period until March 31 and NRIs 6 months until June 30 to deposit the junked notes at RBI's offices in Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

Declaration form for depositing old notes
 

Declaration form for depositing old notes

"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," a finance ministry notification said. 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," the notification said.

Can NRIs invest in NSC, PPF and other post office schemes?

No limit on depositing old notes

No limit on depositing old notes

While there is no limit on deposit of SBNs by an Indian national who was abroad when the 50-day window was in operation, NRIs can deposit only Rs 25,000, a RBI notification said. However, this facility is not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh, a separate notification added. Read More: Different Ways NRI's Can Exchange Rs 500, Rs 1000 Notes?

 ID proofs are 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, reports PTI.

RBI notification

RBI notification

"On ascertaining that the tenderer was abroad during the period from November 9, 2016, and December 30, 2016, the account is KYC compliant, fulfillment of other conditions and the genuineness of the notes tendered, the admissible amount will be credited to the account under advice to the tenderer," the RBI notification said. For NRIs, in addition to the proof of being outside the country, they will have to produce "a certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016, indicating the import of SBNs, with details and value thereof".

What Should NRI Do To Change The Old Currency?

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