Demonetisation: RBI relaxes currency exchange norms for non-resident Indians

The Reserve Bank of India (RBI) on Saturday announced that Non-Resident Indians or NRIs, who were not in India between the November 9- December 30 period, will be allowed to exchange old currency notes of Rs 500 and Rs 1,000 until June 30, 2017. However, this facility will not be applicable to Indian citizens staying in Nepal, Bhutan, Pakistan, Bangladesh.

Under the existing regulations, NRIs are allowed to carry Rs 25,000 overseas. 

"Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility up to March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility up to June 30, 2017," the central bank said in a notification.

Also read: ATM cash withdrawal limit increased to Rs 4,500 per day

Further, the notification stated, "while there is no monetary limit for exchange for the eligible Resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations."

The notes exchanging facility will be available through the Reserve Bank offices located in New Delhi, Chennai, Kolkata and Nagpur. 

"They can avail this facility in their individual capacity once during the period of 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, customs certificate about import of SBNs by NRIs etc. No third party tender will be accepted under the facility," RBI stated in the notification.

In other news, starting from Sunday i.e January 1, the RBI has raised the daily ATM cash withdrawal limit to Rs 4,500 a day for a person (from the earlier limit of Rs 2,500). However, the weekly limit remained unchanged, the central bank had said on Friday. Additionally, December 30 was the last day for people to deposit scrapped bills in banks.

Following Prime Minister Narendra Modi's surprise announcement to ban notes of Rs 500 and Rs 1,000 notes on November 8, limits have been imposed on cash withdrawals from banks and ATMs.