Though the deadline for exchange of defunct note was ended on December 30 and further relaxation was given on conditions to exchange at designated Reserve Bank of India (RBI) offices till March 31, the Non-Resident Indians (NRIs) are now provided same facility till June 30.
The RBI last night came out with conditions for exchange of defunct notes for those, including NRIs, who failed to do so till December 30, the last day for depositing the invalid currency notes in banks.
Resident Indian citizens who were abroad from November 9th to December 30th can avail this facility up to March 31st, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30th, 2017.
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 25,000 rupees per person.
RBI 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 statement added that no third party tender will be accepted under the facility.
According to RBI, this facility will be available through their offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur. However, RBI stated that Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
Meanwhile, any person aggrieved by its decision, RBI said they may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, it added.