NRI

NRIs returning to India, here’s how to exchange old Rupee notes


If you are an NRI and are returning back to India, you cannot just walk into any RBI office and get your old Rupee notes changed. There are some processes to follow. Here’s a quick run down.

I had followed this topic right from November 8th and have written pretty extensively about it here – please check it before reading this. Also, here’s an update for UK NRIs.

So, if you’ve been outside India during the Nov 8th – Dec 30th time frame (when anyone in India could change their old Rupee notes), the Govt. has allowed an additional time of few more days to allow exchanging your old Rupee notes for new. But with conditions.

When returning from abroad, you have to declare your cash with the customs at Airport and get a declaration form from the customs (for the money you carry).

This declaration form, along with documents that show you were abroad during the Nov 8th – whichever time you returned has to be presented at an RBI office in India, to get your old cash exchanged with new.

RBI office in India where NRIs can have their old notes exchanged are 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,”

Source

So, if you’re returning back to India during this time, it would be a good idea to get that declaration form from customs before you rush out of the Airport.

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