Deadline for exchanging demonetised notes ends on Friday for resident Indians

S V Krishnamachari
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Resident Indians have just a day more (other than Thursday, March 30) to exchange demonetised notes in their possession. The deadline for exchanging these notes (old Rs 500 and Rs 1,000 notes) at designated offices of the Reserve Bank of India (RBI) ends on Friday (March 31, 2017).

For non-resident Indians (NRIs), the deadline is June 30, 2017, according to the December 30, 2016 notification issued by the apex bank.

"The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016.

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"Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 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. They can avail this facility in their individual capacity once during the period on 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 SBNs by NRIs etc. No third party tender will be accepted under the facility," the notification read.

The bank has designated five offices in India for the purpose: Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

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The RBI had also clarified that the option was not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh. 

In a related development, the RBI said that Nepalese citizens can exchange demonetised notes up to a maximum of Rs 4,500 (per person), despite requests to allow up to Rs 25,000.

"We told them it was the Indian government's decision to allow Nepalis to hold up to Rs 25,000 in cash and asked them to raise the ceiling. But they didn't agree to our demand," the Hindustan Times quoted Nepal Rastra Bank (NRB) deputy governor Chintamani Siwakoti as saying early this week in Kathmandu. An RBI team was in the Nepalese capital to discuss the matter with NRB officials last Saturday and Sunday. 

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Nepalese citizens will have to send the banned notes to NRB, which in turn will send it to the RBI. The RBI will verify the notes and if found correct, will remit the equivalent amount in new Indian currency notes to the NRB.

The value of Indian currency notes lying in Nepal was estimated at Rs 33.6 million, the daily said.

Address of the five RBI offices:

Reserve Bank of India,
Fort Glacis, Rajaji Salai,
P.B. No.40,
Chennai-600 001.

Reserve Bank of India,
Main Building, P.O.Box 901,
Shahid Bhagat Singh Road,
Mumbai-400 001.                                                                                                                                             020 5747 6512

Reserve Bank of India,
15, Netaji Subhas Road,
P.B. No.552,
Kolkata-700 001                                                                                                                                               033 2231 2121

Delhi:                                                                                                                                                           Reserve Bank of India,                                                                                                                                        6, Sansad Marg,                                                                                                                                         P.B.No.696, New Delhi -110 001.                                                                                                                   011 2371 0538

Dr. Raghavendra Rao Road
Civil Lines
Nagpur - 440 001
Tel : +91 712 2806300

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