 "People queuing outside an ATM in Ahmedabad to withdraw money (Pic: Yasin D)")
If you are a Non-Resident Indian (NRI) and have currency of Rs 500 and Rs 1,000 you can deposit them in your NRO account. There is no limit on how much you can deposit. The same rules will apply to these accounts as the regular savings bank accounts. So, if the deposit is more than Rs 2.5 lakh, you may face enquiry about the source of the money and it should match your income. The interest rates on NRO deposits are also similar to domestic accounts, both savings and term deposits.
But this is possible only if you are India currently. Those who are abroad would not be able to exchange or deposit the currency because foreign branches of Indian banks are neither accepting deposits in these currencies nor exchanging them.
According to a list of Frequently Asked Questions (FAQ) on the Reserve Bank of India’s website, beyond December 30, 2016 the notes can be exchanged at specified RBI offices. So, if you are unable to come to India before the deadline, you can still exchange the notes, but not at any bank branch.
If you are not in India currently, but have the withdrawn currency notes in India, you can authorise someone in writing to deposit the notes into your bank account. The authorised person has to come to the bank branch with the specified banknotes, the authority letter given by you and a valid identity proof, which includes Aadhaar card, driving license, voters ID card, passport, PAN card, etc.
Another option is to send the notes to a family or friend in India and ask them to deposit it on your behalf.
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