‘NRIs Can Exchange Defunct Notes Till June 30, Others Till March’

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Mumbai: RBI has come 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 statement issued late in the evening yesterday.

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“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.

It said admissible amount will be credited to the tenderers KYC compliant bank account on fulfilment of the terms and conditions and the genuineness of the notes tendered.  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 a refusal to him,” the statement said.  Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, it added.

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