NRIs can exchange old notes till June 30 |
The limited period window for exchange of junked Rs 500 and Rs 1,000 notes by Indians who were abroad ended on March 31, 2017, with many failing to do so because of limited counters and lack of procedural awareness. However, additional time period of three months is available to non-resident Indians (NRIs) with a rider of exchange of Rs 25,000 per individual. The exchange window for NRIs will close on June 30. Long serpentine queues of people were seen outside five RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur -- the designated offices for exchange of scrapped notes -- today. Minister of State for Finance Arjun Ram Meghwal said the RBI I had posted detailed instructions on its website clearly showing the eligibility parameters and other necessary documents required to be tendered for exchange of old notes. Meghwal stated that while there was no monetary limit for exchange of currency notes for residents who were abroad during the demonetisation period, there was a cap for NRIs as per FEMA regulations.NRIs coming to India are required to come through Red Channel disclosing to the Customs authorities at the airport the amount of now-defunct notes and secure a certificate to be tendered at the RBI at the time of exchange.The exchange facility till June is subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
|
|