The Reserve Bank of India said in a notification that non-resident Indians (NRIs) can exchange old Rs 500 and Rs 1000 notes till 30 June 2017. However, this facility is not available for NRIs in Nepal, Bhutan, Pakistan and Bangladesh. The notification said resident Indian citizens who were abroad during 9 November 2016 to 30 December 2016 can avail this facility up to 31 March 2017 and NRI citizens who were abroad during 9 November 2016 to 30 December 2016 can avail this facility up to 30 June 2017. The limit for the exchange for NRIs will be as per FEMA regulations, the notification added. The existing regulations allow NRIs to carry Rs 25,000 overseas. These NRIs can avail this facility in their individual capacity once during the period on submission of ID documents, such as, Aadhaar number, PAN etc, and on submission of documentary evidence showing they were abroad during the period and, that they have not availed the exchange facility earlier, Customs certificate about import of SBNs by NRIs etc.
