Muscat: Non-resident Indians (NRIs), who were not in India between November 9 and December 30, will be allowed to exchange old currency notes of Rs500 and Rs1,000 until June 30, 2017, the Reserve Bank of India said.
"Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility up to March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility up to June 30, 2017," the central bank said in a notification.
However, no third party tender will be accepted under the facility and the notes exchanging facility will be available through the Reserve Bank offices located in New Delhi, Chennai, Kolkata and Nagpur.
Moreover, this facility will not be applicable to Indian citizens staying in Nepal, Bhutan, Pakistan and Bangladesh.
Under the existing regulations, NRIs are allowed to carry Rs25,000 overseas.
The notification also states: 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.
"They can avail this facility in their individual capacity once during the period of submission of ID documents, such as, Aadhaar number, Permanent Account Number (PAN) etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier, customs certificate about import of demonetised notes by NRIs etc,”the RBI added.
Indian Prime Minister Narendra Modi announced a surprise ban notes of Rs 500 and Rs 1,000 notes on November 8, 2016.