The government of India's move to move to demonetize Rs 500 and Rs 1,000 notes all of a sudden has caused panic among some non-resident Indians (NRIs).
Here are some solutions for the NRIs who have flown out of India with 500 and Rs 1,000 notes or kept them in India:
1) If you are travelling back to India within the 72 hours of notification, you can exchange the old notes at Indian Airports. (Note: You can carry currency notes up to Rs 25,000 without declaring while flying back to India)
2) If you are travelling before December 30, 2016, you will be able to deposit these into banks or post offices.
3) If you are travelling by March 31, 2017, then you can exchange them at RBI offices. NRIs can submit passport and visa/residence card to prove that you were abroad during this period. (After 31 March 2017, the Rs 500, Rs 1,000 notes in your possession will automatically be useless pieces of paper)
4) You can exchange the notes at any Indian bank in your country of residence by December 30.
5) You can deposit the old notes into your Non-Resident Ordinary (NRO) Savings Account. However this is only an option if you are in India or travelling to India before December 30.
6) If you have old notes in India, you also can authorise in writing enabling another person in India to deposit the notes into your bank account. The authorised person has to go to the bank branch before December 30 with the old banknotes, the authority letter given by you and a valid identity proof.
7) You can also send old notes to India with trustworthy people along with authority letter so that they can exchange them in the banks.
Comments
Hi,
Regarding your point 4) You can exchange the notes at any Indian bank in your country of residence by December 30.
I would like to know from where did you note this ? Please can you post some authorized reference link like RBI web site or some government site?
Thanks.
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