NRIs can exchange defunct notes till june 30, others till March 31- RBI
PrintListen to this Article
0:00
0:00
RBI on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till yesterday, the last day for depositing the invalid currency notes in banks.
Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said in a late evening statement.
"While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations (Rs. 25,000 per person)," it said.
Citizens can avail this facility in their individual capacity once during the period on submission of ID documents, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier, the RBI said.
The statement added that no third party tender will be accepted under the facility.
On fulfilment of the terms and conditions and the genuineness of the notes tendered, it said, adding admissible amount will be credited to the tenderer's KYC compliant bank account.
This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.
According to RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
"Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him," it said.
Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department, it added. #casansaar (PTI - NDTV Profit)
Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said in a late evening statement.
"While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations (Rs. 25,000 per person)," it said.
Citizens can avail this facility in their individual capacity once during the period on submission of ID documents, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier, the RBI said.
The statement added that no third party tender will be accepted under the facility.
On fulfilment of the terms and conditions and the genuineness of the notes tendered, it said, adding admissible amount will be credited to the tenderer's KYC compliant bank account.
This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.
According to RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
"Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him," it said.
Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department, it added. #casansaar (PTI - NDTV Profit)
Category : Black Money | Comments : 0 | Hits : 601
The Supreme Court Tuesday stayed the Delhi High Court order which had held that the 2016 black money law cannot be allowed to operate with retrospective effect from July 2015 to book and probe...
Also Read -
Fin Min refuses to share black money reports
The Finance Ministry has refused to share copy of three reports on the quantum of black money held by Indians inside the country and abroad, saying its disclosure would cause a breach of privilege of...
Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post...
Comments