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Posted on: April 29, 2017 | Back | Print

As notified on 8 November 2016, those persons who were unable to Exchange or deposit the old series Indian bank notes of Rs. 500 and 1000 denominations (specified bank notes – SBN’s) in their bank accounts on or before 30 December 2016 shall be given an opportunity to do so.

Accordingly, the Ministry of Finance, Government of India through a gazette notification S.O. 4251 (E) in exercise of the powers conferred by relevant provisions of Specified Bank Notes (Cessation of Liabilities) Ordinance 2016, has announced that this facility would be available to all India citizens who were outside India from 9 November 2016 to 30 December 2016, to tender these SBNs at the specified Issue Offices of RBI until 21 March 2017. For those citizens of India, who are not resident in India, this facility would be available till 30 June 2017 in order to allow them adequate time to plan a visit as per their convenience.

The above facility would be subject to the regulations of the notification ‘Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations bringing back such currency into the country is, restricted to Rs. 25000/- per person. fd

At the time of return to India the number and denominations of the SBN will need to be declared to the Customs authorities at the airports and other entry points. Necessary form fur such declaration will be given out by the CBEC. The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit in RBI Issue Offices will be separately announced by RBL. Any false declaration will invite a fine of Rs. 50,000 or five times the amount of the face value of the SBD tendered, whichever is higher.