NRIs can exchange old notes up to June 30: RBI
Team Udayavani, Jan 1, 2017, 9:38 AM IST
Mumbai: Reserve Bank of India (RBI) on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till Friday, the last day for depositing the invalid currency notes in banks.
Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said in a late evening statement.
“While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations (Rs 25,000 per person),” it said.
Citizens can avail this facility in their individual capacity once during the period on submission of ID documents, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier, the RBI said.
The statement added that no third party tender will be accepted under the facility.
On fulfillment of the terms and conditions and the genuineness of the notes tendered, it said, adding admissible amount will be credited to the tenderer’s KYC compliant bank account.
This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.
According to RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
“Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him,” it said.
Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, it added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
No CM can remain absent for long, it’s against national interest: Delhi HC on Kejriwal
Court convicts four accused, acquits 10 in 2015 Malvani hooch tragedy
ICG apprehends Indian fishing boat with 173 kg of narcotics; two crew members detained
Ahead of phase 3 polls, Congress and BJP spar in MP over quotas, Muslim appeasement
UGC-NET postponed to June 18 to avoid clash with UPSC prelims
MUST WATCH
Latest Additions
Hunasagi: MLA Bairati Basavaraj’s car overturned
No CM can remain absent for long, it’s against national interest: Delhi HC on Kejriwal
Cricket for the Blind: A Transformative Journey Empowering Visually Impaired Athletes
China lifts restrictions, gives all clear nod for Tesla cars as Musk lobbies hard in surprise visit to Beijing
Veteran politician S M Krishna hospitalised, undergoing treatment for ‘minor ailment’