NRI’s can now deposit the old ₹ 500 and ₹ 1,000

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NRI’s are now permitted by Reserve Bank of India (RBI) to deposit the old ₹ 500 and ₹ 1,000 notes. (internetQatar.com)

NRIs who were not present in India during November 9 – December 30, 2016 and who have also not deposited the Specified Bank Notes of ₹ 500 and ₹ 1,000 (hereinafter referred to as SBNs) into their bank accounts during November 10 – December 30, 2016, are now permitted by RBI to deposit the said SBNs at the RBI offices located at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.

The said SBNs can now be deposited (upto a maximum of ₹ 25,000 per NRI individual) into the NRO account only once anytime during January 2 – June 30, 2017.

In view of the same, please take note of the following important points:

1.     This facility of deposit of SBNs is available only at the specified RBI offices, the addresses of which are available at the RBI website (https://rbi.org.in/). The bank notes cannot be deposited at any of the Indian Bank Branches or Offices in India or overseas

2.     The account in which the SBNs need to be deposited should be KYC Compliant

3.     The SBNs to be deposited should be submitted to RBI along with the duly filled Annexure prescribed by RBI. Click Here to download the same.

4.     Other documents to be submitted :

•     A copy of passport with immigration stamp as proof of the individual’s absence from the country during November 9 – December 30, 2016. Passport in original should be presented at the RBI counter for verification.

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•     A certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof.

•     Copies of statements of all bank accounts in India evidencing that no SBNs were deposited during November 10 – December 30, 2016.

Requisite document as per provisions of Section 114B of IT Rules, 1962. Copy of PAN Card is required to be submitted in respect of the specified transaction. Where an individual does not have a PAN, and the income (Sl. No. 22b of Form 60) is below the threshold exemption limit, duly filled in Form 60 can be submitted. Where an individual does not have a PAN, and the income (Sl. No. 22b of Form 60) is above the threshold exemption limit, duly filled in Form 60 can be submitted with the PAN application details (Sl. No. 21 of Form 60) and proof of submission of such application. Click here to download the Form 60 format.

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5.     An acknowledgement of receipt will be issued to the tenderers pending credit of admissible amount.

6.     The Bank Notes have to be deposited by the account holder in person. They cannot be deposited by a Third Party.

7.     NRIs/PIOs are not permitted to send the Bank Notes through postal channels to relatives in India.

8.     The facility is not available to Indian residents residing in Nepal, Bhutan, Bangladesh and Pakistan.

9.     The deposit will be permitted by RBI subject to scrutiny of the documents submitted, fulfillment of the Terms & Conditions of the Scheme, and Genuineness of the notes tendered.

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10.     Any person, aggrieved by the decision of RBI may prefer an appeal to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, Central Office Building, 16th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001.

For more details, you may visit RBI website at https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10808&Mode=0