Q.984 NRI Money exchange . . .
Question: Dear Sir / Madam, I am writing to you regarding the recent demonetization policy directive regarding the - "Legal Tender Character of the Old Bank Notes in the denominations of Rs.500 and Rs.1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016". I am a foreign citizen with OCI card who was living full-time in India from 2012 to 2016 and paying India income taxes as ordinary Indian resident. In July 2016, I moved out of India and am currently a part-year resident in India. Upon my return to India in Jan 2017, I found old SBNs at my residence. Please note that none of the old SBNs I reference were ever taken outside India. So, I did not have the option to declare these old SBNs upon entry into India last week. Given that my situation is somewhat unique in the sense that as an OCI card holder residing & working full-time in India until 2016, what options do I have for either depositing or exchanging the old SBNs? Thanks! Gopal M Answer: As to what options you have in either depositing or exchanging old SBNs, the answer quite frankly is None! Currently anyone who has Indian currency of demonetized Rs. 1000 & 500 notes and does not have a declaration form stamped at the time of arrival in India is holding worthless pieces of paper as such currency cannot be deposited or exchanged.Illegal to hold SBN currency in India
Furthermore the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 that went into effect on December 31, 2016 calls for a fine of Rs 10,000 or five times the cash held, whichever is higher, on those holding of more than 10 banned 1,000 and 500 rupee notes. [or not more than 25 notes for those holding notes for purpose of study, research or collectors of coins, currency, medals etc.] The only exception on holding SBN currency now is for those to whom the grace period until June 30, 2017 applies. After this date anyone in India holding more than 10 notes [25 for collectors] as mentioned above will be in violation of the law. Unless the government of India announces some new rule which seems highly unlikely. For more information on the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 Click HERE
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Q.984 NRI Money exchange . . .
Question: Dear Sir / Madam, I am writing to you regarding the recent demonetization policy directive regarding the - "Legal Tender Character of the Old Bank Notes in the denominations of Rs.500 and Rs.1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016". I am a foreign citizen with OCI card who was living full-time in India from 2012 to 2016 and paying India income taxes as ordinary Indian resident. In July 2016, I moved out of India and am currently a part-year resident in India. Upon my return to India in Jan 2017, I found old SBNs at my residence. Please note that none of the old SBNs I reference were ever taken outside India. So, I did not have the option to declare these old SBNs upon entry into India last week. Given that my situation is somewhat unique in the sense that as an OCI card holder residing & working full-time in India until 2016, what options do I have for either depositing or exchanging the old SBNs? Thanks! Gopal M Answer: As to what options you have in either depositing or exchanging old SBNs, the answer quite frankly is None! Currently anyone who has Indian currency of demonetized Rs. 1000 & 500 notes and does not have a declaration form stamped at the time of arrival in India is holding worthless pieces of paper as such currency cannot be deposited or exchanged.Illegal to hold SBN currency in India
Furthermore the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 that went into effect on December 31, 2016 calls for a fine of Rs 10,000 or five times the cash held, whichever is higher, on those holding of more than 10 banned 1,000 and 500 rupee notes. [or not more than 25 notes for those holding notes for purpose of study, research or collectors of coins, currency, medals etc.] The only exception on holding SBN currency now is for those to whom the grace period until June 30, 2017 applies. After this date anyone in India holding more than 10 notes [25 for collectors] as mentioned above will be in violation of the law. Unless the government of India announces some new rule which seems highly unlikely. For more information on the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 Click HERE
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