Good News!! The External Affairs Ministry announced that the Indian Citizens who are not a resident of India can exchange their old Rs 500 and Rs 1000 currency notes at RBI officials till June 30th which is announced today. The decision of this announcement comes a day ahead of three-days long Pravasi Bhartiya Divas convention which is held in Bengaluru, this is expected to be attended by overseas Indians from across the world.
The External Affairs Ministry said that the provisions to exchange the currency notes of Rs 500 and Rs 1000 would be subject to the regulations of the notifications, said by the Foreign Exchange Management.
The Foreign Exchange Management of Export and Import of Currency Regulations in 2015, this bought the limit of bringing back the currency notes into the country at Rs 25,000 per person. This decision was announced a day ahead of three-days long Pravasi Bhartiya Divas convention in Bengaluru which is expected by all Indians across the world to be attended.
Pravas Bhartiya Divas Convention:
The Ministry of External Affairs said in a Statement that “The Ministry of Finance through a gazette notification S.O. 4251(E) dated December, 30, 2016, in exercise of the powers conferred by relevant provisions of the Specified Bank Notes (Cessation of Liabilities) Ordinance 2016, has announced that this facility (exchanging old notes) would be available to all Indian citizens who were outside India from November 9 to December 30 to tender these SBNs (specified bank notes) at the specified Issue Offices of RBI until 31 March 2017.
For those citizens of India, who are not resident in India, this facility would be available until June 30, 2017, in order to allow them adequate time to plan a visit as per their convenience.”
The Ministry of External Affairs also stated that it is to separate FEMA provisions that will be also applicable to the persons who are living in Nepal and Bhutan which would continue to apply the terms.
“The 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 25,00 per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.”