Last chance to exchange demonetized currencies
Posted on: 31/Mar/2017 11:43:11 AM
Today is the last day to exchange demonetized currency notes of denominations Rs 500 and Rs 1000. This has left long queues at designated RBI offices.
If anyone has more than 10 of these banned currency notes even after 31st March, it will be called as a crime for Indian residents.
At the same time, not everyone at the central bank offices can exchange currency notes. According to RBI announcement, Indian citizens who could not exchange notes during November or December 2016 were given an extension of deadline till 31st March and for NRIs the deadline was fixed as 30th June. The exchange can only be done at RBI offices in Delhi, Chennai, Kolkata, Mumbai and Nagpur.
For eligible Indian residents, there is no limit to exchange, but for NRIs, the limit depends on FEMA regulations.
NRI should get certificate from the Customs authorities about the total amount of demonetized notes. This certificate is mandatory at RBI office during exchange.
When RBI rejects the exchange request, one can approach the Central Board of the Bank within 2-weeks.
Many people have forgotten or missed exchanging demonetized notes before the given deadline: 30th December.
