India

RBI Gives Another Chance to Residents and NRIs to Exchange Scrapped Notes

RBI gives another chance to residents, NRIs overseas to exchange scrapped notes

The Reserve Bank of India (RBI) has lengthened the time for the resident as well as non-resident Indians living out of the country between 9 November and 30 December, which permits them to replace demonetized currency by March 31.

Non-resident Indians (NRIs) who were in a foreign country between the set time limit of 9 November to 30 December can get the facility for substitution of old 500 rs notes and 100 rs notes till 30 June, RBI said in a statement.

RBI gives another chance to residents, NRIs overseas to exchange scrapped notes

Whilst there is no monetary perimeter for exchanging the entitled resident Indians, the limitation for nonresident Indians will be according to the applicable FEMA rules. The non-resident Indians can get this facility in their personal capacitance once during the said time frame on submission of ID papers, like, Aadhaarcard number, PAN card number (PAN) etc, and after submitting the documentary proof depicting they were out of the country during the set time frame and, that they have not used the exchange facility previously, customs credential about import of SBNs by non-resident Indians etc.

The bank also said that it will not entertain third party tender under the said facility.

On accomplishment of the rules and terms and the authenticity of the currency tendered, the allowable sum will get credited to the tenderer’s KYC compliant banking account.

The said facility by RBI will continue for Indian residents from Jan 2 to Mar 31 and for nonresident Indians, the facility will be there from Jan 2 to June 30.

This facility will be obtainable at Reserve Bank headquarters at Kolkata, the national capital, Chennai, Mumbai, and Nagpur.

Indian citizens resident residing in Nepal, Pakistan, Bhutan, and Bangladesh cannot take the advantage of this said facility.

The bank has asked individuals unfavorably affected by the verdict to talk with the central panel of the Reserve Bank in a period of 14 days of the announcement of such denial to him.

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