RBI advice to NRIs |
The Reserve Bank is believed to have received deposits close to Rs 15 lakh crore, of estimated Rs 15.4 lakh crore worth junked Rs 500/1,000 currency notes that were in circulation, from the 50-day demonetisation exercise that ended on December 30. Both the government and the RBI are yet to come out with the official statement on how much have been deposited in various banks at the end December 30, the last date for depositing and exchange of junked Rs 500/1000 notes.The last official number on this was only till December 10 when RBI said that the old notes of Rs 500 and Rs 1,000, which have been returned to the central bank and the currency chest amounted to Rs 12.44 lakh crore. NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI during the grace period. Indians who were abroad during November 9 to December 30 have been given a three-month grace period till March 31 to deposit the junked notes, while for the NRIs, it is six months till June 30. While there is no limit on deposit of defunct notes by an Indian national who was abroad when the 50-day window was in operation, NRIs can deposit only Rs 25,000 as per FEMA law restrictions.
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