NRIs can exchange old notes up to June 30: RBI

January 01, 2017 09:24

Reserve Bank of India 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.

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