The Indian government is playing it smart this time to bring in more Pravasi (NRIs) to India. In order to make lives easier for Indian diaspora, the Reserve Bank of India (RBI) has extended the deadline of exchanging defunct notes up to June 30, 2017.
RBI recently released a press statement introducing a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non-resident Indian (NRI) citizens who were abroad during November 9, 2016, to December 30, 2016.
Indian residents 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.
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 process
NRIs can avail this facility in their individual capacity once during the period on submission of ID documents such as Aadhaar number or 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.
Deadline
The facility will remain open for residents from January 2, 2017, to March 31, 2017, and for NRIs from January 2, 2017, to June 30, 2017.
Exchange venue
This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
Eligibility criteria
Indian citizens residing in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.
Increased footfall at PBD
Now that NRIs have got more time to exchange their old Indian currency, will this move be able to bring in more Pravasis to Pravasi Bhartiya Divas? Well, we would have to wait and watch!
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