NRIs, Indians returning home to show old notes to Customs

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.
The Indians who were abroad during the 50-day window provided from November 9 to December 30 to deposit the old currency have been given a 3-month grace period till March 31 and NRIs 6 months till June 30 to deposit the junked notes at RBI's offices in Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
"For the period from up to March 31, 2017 or June 30, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying Specified Bank Notes (SBNs) for depositing these SBNs in the specified offices of RBI in India," a finance ministry notification said.

A 1-page form has been worked out for the purpose.
"The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger," the notification said.
While there is no limit on deposit of SBNs by an Indian national who was abroad when the 50-day window was in operation, NRIs can deposit only Rs 25,000, an RBI notification said.

However, this facility is not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh, a separate notification added.
Indians abroad will have to produce a "copy of passport with immigration stamp as proof of the individual's absence from the country during the period November 9, 2016, to December 30, 2016" as also copies of all bank account statements evidencing that no SBNs of 500 and 1,000 rupees were deposited during the 50-day window.

Valid ID proof and Aadhaar number along with the applicant's KYC-compliant bank account details are also to be submitted, it said.
"On ascertaining that the tenderer was abroad during the period from November 9, 2016 and December 30, 2016, the account is KYC compliant, fulfilment of other conditions and the genuineness of the notes tendered, admissible amount will be credited to the account under advice to the tenderer," the RBI notification said.
The finance ministry notification said: "At the
airport/land Customs stations etc on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices."

Since the form to be filled in by the passenger bearing the Customs stamp will be crucial in subsequently facilitating the deposit of SBNs at the specified issue offices of RBI, it asked the Customs formations to keep a copy of the same, preferably in scanned format.
While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad.
The window for Indian nationals who were travelling abroad is till March 31 and for NRIs, it is June 30, 2017.
Those returning from Nepal and Bhutan are not permitted to carry SBNs of old 500 and 1,000 rupee notes.

This facility, however, is "subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs 25,000 per person".
The ministry said since it is a facilitation step to enable resident and non-resident Indians to deposit SBNs when they arrive in India, measures should be taken to make passengers and airlines aware of the new dispensation.
"While discharging the above task, care may be taken that due courtesy is extended to the declarants and that no unnecessary inconvenience is caused," it said.
The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 9, 2016. Subsequently, the President approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 on December 30.

"The ordinance imposes penal liabilities on the holders of SBNs after the specified date," the notification said.
It makes holding, transfer and receiving of the demonetised notes a criminal offence, punishable with a fine of Rs 10,000 or five times the cash held, whichever is higher.
"The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit at RBI issue offices will be separately announced by RBI. Any false declaration will invite a fine of Rs 50,000 or five times the amount of the face value of the SBN tendered, whichever is higher," a ministry statement had said after the Ordinance was promulgated on Friday.