Home > Demonetization of Rs. 500.00 and Rs. 1000.00 currency notes.
Demonetization of Rs. 500.00 and Rs. 1000.00 currency notes.
Following demonetization of Rs.500 and Rs.1000 currency notes, Ministry been receiving inquiries from Indian Missions and Consulates abroad as well from overseas Indians about exchange/deposit of withdrawn notes. The matter was taken up with the Ministry of Finance (DEA) for clarification/guidelines.
Government has now issued “The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016” on 30.12.2016. Section 4 of the Ordinance empowers Govt. to permit exchange of specified bank notes by Indian citizens who were outside India between 09.11.2016 to 30.12.2016 subject to conditions notified by the Govt. Weblink to this Ordinance is http://dea.gov.in/sites/default/files/Ordinance 10 of 2016 30.12.2016.pdf.
In exercise of these powers, Ministry of Finance (DEA) has issued a Notification S.O. 4251(E) dated 30.12.2016 allowing NRIs to exchange specified bank notes upto FEMA limit (Rs.25,000/-) within grace period upto 30.06.2017. There is no mention of OCI Cardholders or PIOs. Weblink to the notification is http://dea.gov.in/sites/default/files/24Notification 30.12.2016.pdf. Ministry's Press Release of 06 January, 2017 also refers.
As the above notifications do not cover OCI Cardholders or Persons of Indian Origin.