03rd January 2017, 12:00 Hrs
Trouble brews for NRIs with old notes
Strap: Will need to present physical currency to Customs, get approval
NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetised currency in RBI during the grace period.
The Indians who were abroad during the 50-day window provided from November 9 to December 30 to deposit the old currency have been given a 3-month grace period till March 31 and NRIs 6 months till June 30 to deposit the junked notes at RBI's offices in Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
“For the period from up to March 31, 2017 or June 30, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying Specified Bank Notes (SBNs) for depositing these SBNs in the specified offices of RBI in India,” a finance ministry notification said.
A 1-page form has been worked out for the purpose.
“The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger,” the notification said.
While there is no limit on deposit of SBNs by an Indian national who was abroad when the 50-day window was in operation, NRIs can deposit only Rs 25,000, an RBI notification said.
However, this facility is not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh, a separate notification added.
Indians abroad will have to produce a “copy of passport with immigration stamp as proof of the individual's absence from the country during the period November 9, 2016, to December 30, 2016” as also copies of all bank account statements evidencing that no SBNs of 500 and 1,000 rupees were deposited during the 50-day window.
Valid ID proof and Aadhaar number along with the applicant's KYC-compliant bank account details are also to be submitted, it said.
“On ascertaining that the tenderer was abroad during the period from November 9, 2016 and December 30, 2016, the account is KYC compliant, fulfilment of other conditions and the genuineness of the notes tendered, admissible amount will be credited to the account under advice to the tenderer,” the RBI notification said.
For NRIs, in addition to the proof of being outside the country, they will have to produce “a certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016, indicating the import of SBNs, with details and value thereof”.
Blurb: The Indians who were abroad during the 50-day window provided from November 9 to December 30 to deposit the old currency have been given a 3-month grace period till March 31 and NRIs 6 months till June 30 to deposit the junked notes at RBI's offices in Mumbai, New Delhi, Chennai, Kolkata, and Nagpurcomments powered by Disqus