Home Business RBI closes window for Indians abroad; NRIs can still exchange

RBI closes window for Indians abroad; NRIs can still exchange

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The limited period window for exchange of junked 500 and 1,000 rupee notes by Indians who were abroad during demonetisation ended today. However, additional time period of three months is available to non-resident Indians, NRIs, with a rider of exchanging of 25,000 rupees per individual. The exchange window for NRIs will close on the 30th of June.

NRIs coming to India are required to come through Red Channel disclosing to the Customs authorities at the airport the amount of now-defunct notes and secure a certificate to be tendered at the RBI at the time of exchange.

The exchange facility till June is subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to 25,000 rupees per person.

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