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How To Get Your Old Rs. 500-1000 Notes Exchanged During Grace Period

Did you miss getting your old Rs. 500-1000 notes exchanged before December 30, 2016? If yes, then you still have a chance to get your old currency notes exchanged. But, there’s a catch as not everyone can knock the door of Reserve Bank of India to get the old notes exchanged. Read on to find out if you fall in the category of the citizens who can visit Reserve Bank office to get your old Rs. 500-1000 notes exchanged during grace period or not.

 Get Your Old Rs. 500-1000 Notes Exchanged During Grace Period

The grace period for exchanging Rs. 500-1000 (SBN’s) is only allowed to those who were abroad from November 9, 2016 to December 30, 2016 and couldn’t visit bank to get the old notes exchanged. Those citizens who were either abroad or are NRI’s can avail the SBN’s exchange facility at any of the five of the Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.

You can get your old Rs. 500-1000 notes exchanged during grace period if:

  • You are an Indian citizens.
  • If you are an Indian resident and were abroad from November 9, 2016 to December 30, 2016.
  • You are a Non Resident Indian (NRI) and were not in India from November 9, 2016 to December 30, 2016.
  • The exchange facility will not be available for Indian citizens who are resident in Nepal, Bhutan, Pakistan and Bangladesh.

Till when can you get your old currency exchanged under grace period?

  • Indian residents who were abroad during the tenure of facility can visit Reserve Bank office till March 31, 2017. NRIs, on the other hand, can avail the facility till June 30, 2017.
  • The residents as well as NRIs who were not in India during the period will be allowed to avail the facility only once.

How much old currency can be deposited during the grace period?

There is no limit on deposit of old currency notes during the grace period for Indian residents who were abroad during the tenure of facility. Deposit of old currency notes will be limited to Rs. 25,000 per indivdual for NRI’s depending on when the notes were taken out of India as per FEMA rules.

However, you will be required to fill and submit a Tender Form as per Annex 1 (for Indian residents who were abroad) or Annex 2 (for NRI’s who were abroad) with some proofs along with the old currency. The documents which you will be required to present or submit include:

For Resident Indians:

  • Original passport for verification to be presented.
  • A copy of passport with immigration stamp as an evidence for  absence from India during the November 9, 2016 to December 30, 2016.
  • Copy of all bank account statements as an evidence that there were no deposits made during November 10 to December 30, 2016.
  • Aadhar card, ID prood and KYC compliant bank account details.
  • Necessary document as per provisions of Section 114B of IT Rules, 1962.
  • An acknowledgment of receipt will be then issued to the tenderers pending credit of admissible amount.
  • Once it is ascertained that the tenderer was abroad during the period from November 9, 2016 and December 30, 2016, the account is KYC compliant, fulfilment of other conditions as well as the genuineness of the notes tendered, admissible amount will be credited to the account under advice to the tenderer.

For Non-Resident Indians (NRIs):

  • Original passport for verification to be presented.
  • A copy of passport with immigration stamp as an evidence for  absence from India during the November 9, 2016 to December 30, 2016.
  • Copy of statements of all bank account in India as an evidence that no deposits were made during November 10 to December 30, 2016.
  • Necessary document as per provisions of Section 114B of IT Rules, 1962.
  • Certificate issued by Indian Customs on arrival in India through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof.
  • An acknowledgment of receipt will be then issued to the tenderers pending credit of admissible amount.
  • Once it is ascertained that the tenderer was abroad during the period from November 9, 2016 and December 30, 2016, the account is KYC compliant, fulfilment of other conditions as well as the genuineness of the notes tendered, admissible amount will be credited to the account under advice to the tenderer.

Also Read: Best LIC Policies For Tax Saving Under Section 80C

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