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Exchange or Deposit of the old series Indian bank notes of Rs. 500 and 1000 denominations (Specified Bank Notes - SBNs)

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Exchange or Deposit of the old series Indian bank notes of 
Rs. 500 and 1000 denominations (Specified Bank Notes – SBNs)

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          Those persons who were unable to exchange or deposit the old series Indian bank notes of Rs. 500 and 1000 denominations (Specified Bank Notes – SBNs) in their bank accounts on or before 30th December 2016, shall be given an opportunity to do so.

2. Government of India has announced that this facility would be available to all Indian citizens, who were outside India from 9th November 2016 to  30thDecember 2016, to tender these Specified Bank Notes – SBNs at the specific Issue Offices of the Reserve Bank of India (RBI) until 31 March 2017

3. For those citizens of India, who are not resident in India, this facility would be available till 30th June 2017 in order to allow them adequate time to plan a visit as per their convenience.

4. The above facility would be subject to the regulations of the Notification ‘Foreign Exchange Management (Export & Import of Currency) Regulations, 2015 - (FEMA).  As per these regulations, bringing back such currency into the country is, restricted to Rs. 25,000/- per person.  Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.