The Reserve Bank of India (RBI) has said that it will introduce a facility for the exchange of demonetised notes for Indian residents and NRIs, who were abroad from November 9 to December 30. Indian residents, who were abroad during November 9 to December 30, 2016 can be able to avail the new facility up to March 31, 2017, while NRIs can avail it up to June 30.
“While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA (Foreign Exchange Management Act) regulations (Rs 25,000 per person),” said the RBI notification.
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“They can avail this facility in their individual capacity once during the period on submission of ID documents, such as Aadhaar number, Permanent Account Number (PAN) etc, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier.”
“On fulfilment of the terms and conditions and the genuineness of the notes tendered, admissible amount will be credited to the tenderer’s KYC (know your customer) compliant bank account,” the notification said.
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“The facility will remain open for residents from 2 January 2017 to 31 March 2017 and for NRIs from 2 January 2017 to 30 June 2017. This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.”
“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.
By Premji
