NRIs can exchange banned notes till June 30

• NRIs can carry only Rs 25,000 per person from abroad

• Notes have to be declared to customs at entry points

By Vinod Nair

Muscat – The Ministry of Finance in India and the Reserve Bank of India (RBI) have 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 Rs25,000 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). This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.
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, the statement 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
“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.
However, those coming from abroad can only bring in Rs 25,000 per person in Indian currency, under the existing Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
The SBNs brought back have to be declared at the customs and other entry points along with the number and denomination of such notes.
The Central Board of Excise and Customs will prepare the necessary declaration form.
According to the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016, which takes effect tomorrow, any false declaration will invite a fine of Rs50,000 or five times the amount of the face value of the old notes deposited, whichever is higher.
After the period of exchange is over, holding, transferring and receiving old notes will attract a fine of Rs10,000 or five times the amount of the face value of the SBN involved, whichever is higher.
However, individuals holding up to 10 notes will not face any action. For the purpose of study, research or numismatics, 25 old notes can be kept in possession.