Q.977 Can OCI holders in America

deposit currency in RBI same way

as NRIs

Question: Sir, We are OCI card holders in America. We plan to visit India in March. We have some demonetized money. According to RBI website OCI/PIO are not considered as NRI. So will we be able to bring that money to India with us to deposit it in RBI, Chennai? Thanks Regards Umashankar Answer: There seems to be quite a bit of confusion created after demonetization and new rules being announced periodically.

Who can deposit banned currency

notes during the extension period

allowed by Reserve Bank of India

My understanding is those who were abroad from November 9, 2016 to December 30, 2016 have been given additional time to deposit banned currency notes of Rupees 500 & 1000 denomination with RBI subject to the condition that: 1. such currency notes should be in their possession when they arrive in India, and 2. they must show and declare this currency to a customs officer on arrival in India, and 3. get a stamped declaration Form which will state the amount of currency they brought in. This Form will be required by RBI at time of deposit. Deposit of banned Rs. 1000 & 500 currency notes after December 30, 2016 can be made at RBI offices in the cities of Mumbai, New Delhi, Chennai, Kolkata and Nagpur. For the dates until which such deposits are being allowed by RBI see below: Resident Indian Citizens: For example those who were abroad due to business trips, holiday etc. from November 9 until December 30, 2016 and could not deposit to their bank accounts due to absence from India, can deposit such banned currency notes in any amount at RBI designated offices in Mumbai, New Delhi, Chennai, Kolkata and Nagpur up to March 31, 2017. They will be required to present their ID, currency declaration Form mentioned above in #3 and proof of their absence from India during the specified dates mentioned above. There is no limit on the amount of banned currency notes they can deposit at RBI. Non Resident Indians such as those who live abroad: For example such as green card holders, people working in Dubai etc. can deposit currency notes up to a value of Rupees 25,000 only in banned currency notes. The same declaration Form mentioned above in #3 must be provided after declaring currency to customs on arrival in India. They can also deposit such banned currency notes at RBI designated offices in Mumbai, New Delhi, Chennai, Kolkata and Nagpur up to June 30, 2017. They will be required to present their ID, the currency declaration Form mentioned above in #3 and proof of their absence from India from November 9, 2016 to December 30, 2016. Currently there is no indication of such an extension for OCI and PIO but there is always hope that the government may announce some relief once the currency situation returns to normal in India.

Declaring more than Rupees 25,000

on arrival in India

Since a maximum of only up to Rupees 25,000 in Indian currency can be taken out of India as per The Foreign Exchange Management Act (FEMA) Regulations, those declaring more than Rupees 25,000 on arrival in India may face problems and yes, will NOT be allowed to deposit more that the allowed Rupees 25,000. Any currency in excess of Rupees 25,000 held abroad by a single person technically is of no value!

Latest updates on India Currency

Demonetization

From the day demonetization was announced, I have posted the highlights of rules as they were announced on NRI Information twitter account to keep NRIs informed and where ever possible provided links to articles on NRI Information website to explain what was happening. All updates are posted as they become available on this website. The link to the page is provided: http://nriinformation.com/articles5/currency_ban _nri.htm