RBI opens window for residents, NRIs abroad to exchange scrapped notes

The Reserve Bank of India (RBI) has extended a facility to resident and non-resident Indians who were abroad between 9 November and 30 December that allows them to exchange demonetised Rs500 and Rs1,000 notes till 31 March 2017.

Non-resident Indians (NRIs) who were abroad during the 9 November-30 December period can avail the facility for exchange of specified bank notes (SBNs) till 30 June, RBI stated in a release.

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. They can avail this facility in their individual capacity once during the period on submission of ID documents, such as, Aadhaar number, Permanent Account Number (PAN) etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier, customs certificate about import of SBNs by NRIs etc. No third party tender will be accepted under the facility.

On fulfilment of the terms and conditions and the genuineness of the notes tendered, admissible amount will be credited to the tenderer's KYC compliant bank account.

The facility will remain open for residents from 2 January 2017 to 31 March 2017 and for NRIs from 2 January 2017 to 30 June 2017.

This facility will be available at Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

RBI has asked persons adversely affected by the decision to appeal to the central board of the Reserve Bank within 14 days of the communication of such refusal to him. Such appeals may be addressed to the Central Board, Reserve Bank of India, Secretary's Department, Central Office Building, 16th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001, RBI stated in its release.