What an NRI should do to exchange banned currency


exchange banned currency

According to rules, NRIs are meant to reconvert the Indian currency to their foreign currency just before they abandon India, so that they would not be having a lot Indian money with them. In case for whatever reason that you were not able to reconvert, the following is applicable to you.

  • You’ll be able to exchange 500 and 1000 rupee notes till December 30, 2016
  • If you’re not travelling before that, you’ll probably still change them until March 31, 2017 by showing id proof at RBI offices. There is speculation that this date can also be extended further for people staying outside India after giving the valid proof of the same.
  • According to RBI guidelines, you could potentially authorise someone else in India to deposit the notes in your account – when you have given an authority notice on paper.
  • The authorised individual will have to go to the bank department with the OHD banknotes, the power letter given by you and a valid identification proof.
  • Valid Identity proof for all those this kind of uses is the following: Aadhar Card, Voter ID Card, Driving License , Pass Port, PAN Card , NREGA Card , Personal identity Credit card Issued by Government Section, General public Field Unit to its Staff).
  • Most essential, Currency is only able to be exchanged in India either by individually tendering it or by giving it using an approved representative.
  • There is no bar on deposit of money providing you can show source of money/earnings. Tax is not an issue for an NRI.
  • Keep in mind – you can’t put in INR cash in the NRE account. This is what can be done-
  1. Make a request opening up of any NRO account with similar customer Identity throughout the net banking logged in segment
  2. Or contact the 24×7 customer service
  3. Or placing a request at the specific bank branch in India.
  4. the accounts opens up within 2 working days.
  5. After that, you or your approved representative may deposit the cash in the NRO account.
  • The INR cash could not be utilized to create an NRO FD.
  1. For this, put in the cash from the NRO account and then place a ask for NRO FD creation via telephone internet banking/ phone banking/ mobile banking/branch.

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What an NRI should do to exchange banned currency

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