RBI allows NRIs to exchange old notes till June 30, 2017

Resident Indians who were overseas from Nov 9 to Dec 30 can avail the facility till March 31

The Reserve Bank of India (RBI) on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians (NRIs), who failed to do so till the last day for depositing the invalid currency notes in banks.

Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017, and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said in a late evening statement.

"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 (Rs 25,000 per person)," it 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, the RBI said.

The statement added that no third party tender will be accepted under the facility.

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

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

According to the RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.

"Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him," it said.

Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department, it added.