NRIs to have more time to exchange demonetized notes
Posted on: 02/Jan/2017 2:31:04 PM
The last date to get old, demonetized Rs 500 and Rs 1000 notes deposited at banks got over on 30th December 2016. Following this, the government has announced that those who still have these demonetized notes can get them deposited at the Reserve Bank of India on or before 31st of March 2017. To get it done now, it is mandatory to carry an Affidavit at the time of depositing.
The Reserve Bank of India has extended the deadline to deposit these demonetized Rs 500 and Rs 1000 notes for non-resident Indians and Indians who have travelled to foreign countries recently.
Accordingly, the last date to exchange demonetized notes for Indians who have temporarily flied to foreign countries will end on 31st March 2017, and for NRIs, the last date will be 30th June 2017.
Abiding by the Foreign Exchange Management Act, NRIs will be allowed to exchange these demonetized notes for longer period. And there is no restriction of limit in exchange for Indians who have temporarily flied to foreign countries.
