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Important Notice for Exchange or Deposit of the Old Series Indian Bank Notes

The Ministry of Finance, Government of India, has, through a gazette notification S.O. 4251 (E) dated 30 December 2016, announced that the facility to exchange/deposit the old series notes (demonetized) would be available to all Indian citizens who were resident out of India from 9 November 2016 to 30 December 2016. These services can be availed at specified Issue Offices of RBI until 31/03/2017. For those citizens who are not resident in India, this facility would be available till 30 June 2017 in order to allow them adequate time to plan a visit as per their convenience.

The above facility would be subject to the regulations of the notification Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. 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.
 At the time of return to India the number and denominations of the SBN will need to be declared to the Customs authorities at the airport and other entry points. Necessary form for such declaration will be given out by CBEC. 


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