The Reserve Bank of India on Saturday said it will set up special counters for non-resident Indians and Indians who were travelling during the demonetisation period to exchange their old notes, PTI reported. NRIs will be able to deposit up to Rs 25,000, under the the Foreign Exchange Management Act, till June 30, 2017. Resident Indians who were abroad between November 9 and December 30 can submit any amount in old notes till March 31, 2017, the RBI said.
The notes can be exchanged at the RBI’s Mumbai, New Delhi, Chennai, Kolkata and Nagpur offices. Resident Indians will only be able to exchange their notes once, on providing valid ID such as an Aadhaar or PAN card, along with proof that they were travelling and that they have not exchanged money before. The facility will not be open to Indians who were in Nepal, Bhutan, Pakistan and Bangladesh, the bank’s statement added.