Notification on deadline for Exchange of Demonitized Currency by Indian Citizens who have been outside India during 9 November – 30 December 2016 and Non-Resident Indians
Government of India through a gazette notification S.O. 4251 (E) dated 30 December 2016 has announced that all Indian citizens who were outside India from 9 November 2016 to 30 December 2016 will be able to tender the old series bank notes of Rs.500 and Rs.1000 denominations (Specified Bank Notes – SBNs) at the specified Issue Offices of RBI until 31 March 2017. For those citizens of India, who are not resident in India, this facility would be available till 30 June 2017 in order to allow them adequate time to plan a visit as per their convenience.
The above facility would be subject to the regulations of the notification ‘Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 according to which bringing back such currency is restricted to Rs.25,000/- per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.
A copy of (i) Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 of 30 December 2016, (ii) Notification S.O. 4251 (E) dated 30 December, 2016; and (iii) Press Release issued by DEA on 30 December may be seen here.
09 January 2017