NRIs abroad till Dec 31 can exchange defunct notes by June 30


New Delhi: The Reserve Bank of India on Saturday came out with more relief for people staying abroad during the period from November 9 to December 31 following the demonetisation move  by declaring that resident Indian citizens  can exchange their defunct notes up to March 31.

Similarly the NRIs who were abroad during the same period can do so within June 30, the statement from the apex bank said after the time limit for deposit of scrapped Rs 500 and Rs 1000 currencies was declined on December 31.

The bank informed that there would not be nay limit for Indian residents while for the NRIs the maximum limit would be Rs 25,000 as per the FEMA regulations.

The statement also clarified that third party tender will not be accepted. The facilties will ber made available for citizens at Reserve Bank offices at Mumbai, Chennai, Kolkata, Nagpur and Delhi.

But there is no permission for any Indian citizens residing in Bhutan, Nepal, Pakistan and Bangladesh to exchange such notes.

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