1. Big relief: NRIs, Indians abroad can deposit old bank notes of up to Rs 25,000 till June 30

Big relief: NRIs, Indians abroad can deposit old bank notes of up to Rs 25,000 till June 30

Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017

By: | Mumbai | Updated: January 2, 2017 4:02 PM
RBI. (PTI) RBI. (PTI)

RBI tonight came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till yesterday, 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.

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The statement added that no third party tender will be accepted under the facility. On fulfilment 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.

  1. A
    Amitaben shah
    Jun 11, 2017 at 10:26 am
    What about Indians who were six month visitor visa to usa and their house was closed.
    Reply
    1. A
      Amitaben shah
      Jun 11, 2017 at 10:27 am
      What about their old currency laying at their home?
      Reply
    2. Abdul Rahim Paniwala
      Jan 17, 2017 at 2:04 pm
      They added one more condition which was not displa when RBI was visited on 9th Jan.
      Reply
      1. S
        Solanki Amit
        Jan 2, 2017 at 11:21 am
        “Tax officials made a specific suggestion that the government should consider taxing agricultural income, not fully but partially. The Central Board of Direct Taxes (CBDT) has been looking closely at agricultural income claims of over Rs 1 crore by essees in their tax returns in view of a PIL filed in the Patna High Court, which had raised concerns about agricultural income being used as the route for unaccounted money. Over 2,300 cases showing agriculture income of over Rs 1 crore have been detected by the Income Tax Department in the last nine essment years.Tax officials had also suggested providing some incentive to taxpayers to file their tax return, with one of the examples of incentives being an insurance cover. For first-time taxpayers, incentive of accidental insurance could be given by the government, while for regular taxpayers, a life insurance cover could be provided as an incentive to file their returns regularly.
        Reply
        1. D
          Diplomat
          Jan 2, 2017 at 10:54 am
          People in India will face penalty to hold old Rs.500 (10 notes) & Rs.1000 after 31st Dec and NRIs given time till June? Why? People from Indian villages were required to go 10s of KM for nearest branch. Why they are not being told to deposit them in Indian bank branches in their country? Now most of them will come to India from now till 30th June with Rs.25000 in old currencies !!!
          Reply

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