NRIs can deposit old notes till June 30

By Vinod Nair — MUSCAT: Jan. 1: The Ministry of Finance in India has released the details of the ordinance issued with regards to the ban on old currency notes. Now, Non-resident Indians (NRIs) can deposit such notes, up to a maximum of Rs 25,000 till June 30. The same limit will apply to resident Indians who were abroad between November 8 and December 30, but they will have to turn in the old notes by March 31, at designated offices of the Reserve Bank of India (RBI). Non-resident Indians (NRI) will get time till June 30 to deposit old notes with the RBI, the government ordinance on old Rs 500 and Rs 1,000 currency, said.

For the rest of the Indians, holding, transferring and receiving old notes will face penal action, except in certain cases. “As was notified on November 8, 2016, those who were unable to exchange or deposit the SBNs (specified bank notes) in their bank accounts on or before December 30, 2016, shall be given an opportunity to do so. This facility has been granted to all Indian citizens who were outside India from November 9, 2016, to December 30, 2016, to tender these SBNs at the specified issue offices of the RBI till March 31, 2017,” the statement said.