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NRIs can deposit up to Rs 25K... but must show old notes at airport Customs

 M Post Bureau |  2017-01-03 00:10:21.0  |  New Delhi

NRIs and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped.

The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency, a finance ministry notification stated. While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad. 

The window for Indian nationals who were travelling abroad is till March 31 and for NRIs, it is June 30, 2017. This facility, however, is “subject to the Foreign Exchange Management Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs 25,000 per person”.

M Post Bureau

M Post Bureau

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