NRIs who are coming to attend the Pravasi Bharatiya Divas (PBD) and resident Indians returning from abroad have to declare at the airport on arrival the number of demonetised Rs 500 and 1,000 notes they are carrying, said a Customs official.
“The government has given six-month grace period from January 1 to June 30 to NRIs and three months (up to March 31) to resident Indians for submitting in a prescribed form the demonetized notes in their possession,” Customs Joint Commissioner Harsh Vardhan said in a statement.
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“NRIs coming to India and Indians returning from abroad have, however, been given an opportunity to surrender the banned notes if they did not deposit them till earlier,” said the official.
“NRIs and resident Indians can bring back the banned notes up to Rs 25,000 each as per the Foreign Exchange Management (Export and Import of currency) Regulations,” said the statement.
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The declaration at the airport will permit the holders to deposit the banned notes at any designated RBI offices with the Customs-stamped form to exchange or remit the equivalent amount in their respective bank accounts. The Customs office has made exclusive arrangements at the airport by appointing additional staff to enable the Indian diaspora to comply with the regulation.
By Premji
