The Reserve Bank of India on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till December 30, 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, said the RBI.
“While there is no monetary limit for exchange for eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations (Rs 25,000 per person),” said the RBI in its statement.
Depositors will have to furnish and ID proof as well as documents showing that they were abroad during the period and that they have not availed the exchange facility earlier.
The Central Bank’s 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, the money will be credited to the depositor’s bank account.
This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.
However, according to the RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
(With inputs from PTI)
(All images sourced from PTI)
