Options for NRIs & People abroad with Rupees 500 & Rupees 1000
currency notes
How Foreigners, NRIs, OCI & PIOs can exchange discontinued Indian currency notes abroad
In June 2014 the Reserve Bank of India had allowed residents & non-resident Indians [except citizens of Pakistan & Bangladesh to take out of India up to Rupees 25,000 in Indian currency notes while leaving India. Those who took advantage of this rule and took Rupees 25,000 out would have most likely take out the currency in Rupees 500 & 1000 currency which is been discontinued as legal tender in India effective November 9, 2016. These notes can be exchanged from banks in India until December 30, 2016. Then the option is to change them at RBI specified offices in India until March 31, 2017. 1. Foreigners, NRIs, OCI and PIOs can either exchange such currency in India if they visit before March 31, 2017. 2. In case they have a NRO account with a branch of for instance the State Bank of India in their country they may be able to deposit these currency notes in their NRO bank accounts. However, there has been no notification of such a move yet. (see # 3 below) 3. There are reports that The Indian government is looking at ways to help NRIs who may possess some banned currency notes so that they can deposit them at a branch of an Indian bank overseas. Will post on website as more information becomes available. 4. The other option is to perhaps send the money to friend or relatives with authority letter to exchange the discontinued currency before the last date announced by the government of India.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional
accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has
been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail.
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NRI - OCI - PIO Guide & Information
© Copyright 2006 Nriinformation.com
Options for NRIs & People
abroad with Rupees 500 &
Rupees 1000 currency notes
How Foreigners, NRIs, OCI & PIOs
can exchange discontinued Indian
currency notes abroad
In June 2014 the Reserve Bank of India had allowed residents & non-resident Indians [except citizens of Pakistan & Bangladesh to take out of India up to Rupees 25,000 in Indian currency notes while leaving India. Those who took advantage of this rule and took Rupees 25,000 out would have most likely take out the currency in Rupees 500 & 1000 currency which is been discontinued as legal tender in India effective November 9, 2016. These notes can be exchanged from banks in India until December 30, 2016. Then the option is to change them at RBI specified offices in India until March 31, 2017. 1. Foreigners, NRIs, OCI and PIOs can either exchange such currency in India if they visit before March 31, 2017. 2. In case they have a NRO account with a branch of for instance the State Bank of India in their country they may be able to deposit these currency notes in their NRO bank accounts. However, there has been no notification of such a move yet. (see # 3 below) 3. There are reports that The Indian government is looking at ways to help NRIs who may possess some banned currency notes so that they can deposit them at a branch of an Indian bank overseas. Will post on website as more information becomes available. 4. The other option is to perhaps send the money to friend or relatives with authority letter to exchange the discontinued currency before the last date announced by the government of India.
