Source: News Bharati English08 Jan 2017 10:18:41

New Delhi, January 8: As 31st December was the deadline set by the government to deposit old currencies in the banks, NRIs seem lucky enough as they can deposit their demonetized currencies till 30th June 2017.  President Parnab Mukherjee approved an ordinance which allowed non-resident Indians to deposit their old currencies and imposing strict fines for holding or trading demonetized currencies.

The External Affairs Ministry said that this provision aims to bring back the currency into the country at Rs.25,000 per person. "For those citizens of India, who are not resident in India, this facility would be available till June 30, 2017 in order to allow them adequate time to plan a visit as per their convenience," the MEA said in a statement.

The same limits will apply to the residents who were abroad from November 8 till December 30, but these residents need to deposit their old currencies by 31st March 2017 at Reserve Bank of India’s offices. “Any false declaration will invite a fine of Rs50,000 or five times the amount of the face value of the SBNs (specified bank notes) tendered, whichever is higher,” the finance ministry said in a statement.

"The facility would be subject to the regulations of the notification 'Foreign Exchange Management (Export and Import of Currency) Regulations, 2015'. As per these regulations bringing back such currency into the country is restricted to Rs. 25,000 per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply," the MEA added.