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Cash deposit deadline extended for those outside country

  •   Sat, Jan 07 2017 07:54:16 AM

New Delhi, Jan 7 (IANS): All Indian citizens, who were outside India from November 9 to December 30, will be able to exchange or deposit the old currency note of Rs 500 and Rs 1,000 till March this year, an official statement said on Friday.

This facility will be available for those who are not residents of India till June 30 "in order to allow them adequate time to plan a visit as per their convenience", it said.

However as per regulations, bringing back such currency into the country is restricted to Rs 25,000 per person.

The above facility would be subject to the regulations of the notification, Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.

Separate FEMA provisions are applicable to persons in Nepal and Bhutan, which would continue to be in force.
  

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Comment on this article

  • vasanth, Mangalore

    Sat, Jan 07 2017

    I am an NRI from Mangalore, I have Rs28000 in India. The nearest RBI for me is Chennai or Bombay. How much will it cost me to change this old currency into new? Keep it as a souvenir? May be my great great great grandchildren can sell it for a good price and make some money. ha ha ha

    DisAgree [2] Agree [10] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Sat, Jan 07 2017

    Residents who found in their homes, the banned cash after Dec.30, NRIs who left the cash in locked residences in India, PIOs and foreign tourists who took Indian cash with them have no avenue to recover their money.

    DisAgree [4] Agree [19] Reply Report Abuse

  • Elwyn Goveas, Valencia

    Sat, Jan 07 2017

    And this can be done only in 4 places

    BOMBAY,CHENNAI,KOLKATA ,NEW DELHI

    Please check it

    DisAgree [2] Agree [13] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Sat, Jan 07 2017

    And 5th is RBI office in Nagpur.

    DisAgree [1] Agree [20] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Jan 07 2017

    What about most NRI's working in Gulf who get leave after 2 years ...

    DisAgree [1] Agree [26] Reply Report Abuse

  • David Pais, Mangalore

    Sat, Jan 07 2017

    v don't want failed demonetization instead v need de-moditisztion.

    DisAgree [1] Agree [17] Reply Report Abuse

  • ABDUL RAFIQ, UCHILA

    Sat, Jan 07 2017

    When will this govt stop U-turns on demonetization.

    They made it without proper plan and now they are struggling to come out from this blunder.

     Result of the demonetization is just slow down of the country's economy, nothing else.

    DisAgree [2] Agree [22] Reply Report Abuse

  • Lily Grace, Mangalore/Mumbai/Dubai

    Sat, Jan 07 2017

    Recently in a message it was very clearly mentioned that the date is extended till June 30,2017for NRI's. Its not easy to spend for a sudden air ticket and also there is no security of the job. Moreover they should be able getleave. Why now this message reads 30th March?

    DisAgree [1] Agree [17] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Sat, Jan 07 2017

    Lily
    You may not have read properly. Facility for NRI is till June 30, 2017

    DisAgree [3] Agree [14] Reply Report Abuse

  • Joseph, Qatar

    Sat, Jan 07 2017

    Dear Sir,

    All the news channel (and the print media too) have not bothered to inform the NRI's clearly and concisely the mandatory documentations as a statutory compliance required to be furnished at various RBI Offices across the country to avail the exchange of demonetized out-dated currency notes during the grace period.

    The foreign newspapers are a million times better than the electronic and print media .. both journalism-wise and in transparency too. Case-in-point, I have attached the link of Qatar's daily "The Gulf Times" dated Jan 2, 2017 - Page 13, Para No. 4 contents of which are self-explanatory.

    http://m.gulf-times.com/content/pdf/Dailynewspaper/Main2017_1_2658838.PDF

    clearly mentioning the documents required viz.. Aadhar Card, PAN Card etc. Courtesy to this newspaper we atleast have a rough idea to claim our hard-earned money else we would have to run from pillar to post to get our rightful dues.Needless to say, just like others, the ever existing red tape, bureaucracy in our country (a certain hate attitude/jealousy on the NRI's) through immense hardship - as is the common tendency.of Indians.

    Such type of incomplete information as per the below link from The Indian Express dated Jan 5, 2017

    http://epaper.indianexpress.com/1060643/Indian-Express-Mumbai/January-05,-2017#page/16/3

    goes to show how we are still in the bullock cart age.

    DisAgree [1] Agree [17] Reply Report Abuse

  • kas, Mangalore

    Sat, Jan 07 2017

    The report reads "in order to allow them adequate time to plan a visit as per their convenience", it said.

    If any one has 5 or 10 thousands, should he plan a visit to india by spending 30 -40 K for the ticket and another 30 - 40 K for the expenses during their stay in India...
    The officials sitting in AC offices, do not know that majority of workers in Gulf are allowed vacation once 2 or 3 years .... Real Thuglak sarkar ....NO VISION AT ALL ...

    DisAgree [4] Agree [31] Reply Report Abuse

  • Praveen, Mangalore

    Sat, Jan 07 2017

    If the person cannot come by him self he can send it with some one who is visiting India. In any way who asked them to carry Indian currency to abroad, when you come to India you can exchange foreign currency to Indian currency at the money exchange at aboard or in the airports.

    DisAgree [27] Agree [3] Reply Report Abuse

  • kas, Mangalore

    Sat, Jan 07 2017

    First, have the experience of working in Gulf ... then ask this question ... I will surely answer ... Anyhow, IT WAS NOT ILLEGAL TO CARRY 5 for airport expenses while returning to India ...

    DisAgree [5] Agree [17] Reply Report Abuse

  • Peter, KSA

    Sat, Jan 07 2017

    Praveen, on 23/12/2016  I sent Rs 15,000/- with my friend to deposit in my account as I can not travel spending 40K to deposit Rs.15,000/- However, Bank refused to accept money from him to deposit in my account. Now, can you help me to deposit my Rs 15,000/- in my account? Commenting without knowing the reality in order to defend a foolish decision doesn't make any sense.

    DisAgree [3] Agree [25] Reply Report Abuse

  • The Guru, Mangalore

    Sat, Jan 07 2017

    Peter, KSA

    Ask him to deposit in his account then you can do the online transfer with mutual understanding

    DisAgree [19] Agree [7] Report Abuse


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