Q.983 NRI Money exchange . . .

Question: Please correct your site for 500 & 1000 note exchange by NRIs. NRIs are the ones who have foreign passports, for now they are not allowed to exchange any old notes because they are not supposed to take Indian currency out of India, it is illegal. Thanks. Dr. Seehrai Answer: Please let me know the exact page that you want me to correct on my website. Regarding your statement “NRIs are the ones who have foreign passports” I beg to differ! NRIs hold Indian passports. Not foreign passports as you suggest. They are Indian citizens abroad. PIOs are the ones who hold foreign passports. Regarding taking Indian currency out of India by NRIs being illegal, kindly refer to RBI/ 2013-14/648 A .P. (DIR Series) Circular No.146 Dated June 19, 2014. As of June 19, 2014 the Reserve Bank of India (RBI) allowed all residents and non-residents, except individuals from Pakistan and Bangladesh, to take Indian currency notes out of India up to an amount of Rs. 25,000. [To view RBI circular CLICK HERE] Thank you for your email and I look forward to your response as to which page you feel must be corrected, a link to the website page that you think requires correction will be appreciated.

*Reserve Bank of India Definition of

NRI/ PIO

In terms of Regulation 2 of FEMA Notification No.13 dated May 3, 2000. • Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. • Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held Indian passport or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 or (c) the person is a spouse of an Indian citizen or a person referred to in (a) or (b). *Source: RBI/2015-2016/80 Master Circular No.8/2015-16 Dated July 01, 2015