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Last day for depositing old notes: Are you eligible?

The last date for depositing old currency notes is March 31 and, according to new law, possession of old currency…

SNS | New Delhi | March 31, 2017 10:04 am

Last day for depositing old notes: Are you eligible?

(Photo: AFP)

The last date for depositing old currency notes is March 31 and, according to new law, possession of old currency notes will attract stringent action. Crowd outside the Reserve Bank of India (RBI) is getting bigger and the queues longer, but many people are still confused whether they are eligible for exchange of old currency notes.

“Ineligible people are responsible for the long queues outside the RBI,” Minister of State for Finance Arjun Ram Meghwal said.

Here are few points to clarify your doubts on the new currency exchange rules.

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  • Indians who were outside the country between November and December 2016 were given time by the Reserve Bank to deposit old notes till March 31.
  • For Non-Resident Indians (NRIs), the deadline is June 30.
  • The facility for exchange of old notes is available in Delhi, Kolkata, Chennai, Nagpur and Mumbai offices of RBI.
  • The limit for exchanging old notes is as per the Foreign Exchange Management Act (FEMA) regulations for NRIs.
  • For eligible residents, there is no limit for depositing/exchanging demonetised currency notes.

People have been exchanging old currency notes for new ones ever since the Prime Minister Narendra Modi announced to scrap old notes of 500 and 1,000 Rupees in an effort to curb black money and combat terrorism, The announcement was made on November 8, 2016.

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