Following persons holding specified bank notes on or before the 8th day of November, 2016 oshall be entitled to tender within the grace period with such declarations or statements, at such offices of the Reserve Bank or in such other manner as may be specified by it, namely:—

(i) a citizen of India who makes a declaration that he was outside India between the 9th November, 2016 to 30th December, 2016 subject to such conditions as may be specified, by notification, by the Central Government; or

(ii) who is not resident in India, the period ending on the 30th day of June, 2017, as the grace period for the purposes of the said Ordinance:

(iii)  such class of persons and for such reasons as may be specified, by notification, by the Central Government.

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 30th December, 2016

S.O. 4251(E).—In exercise of the powers conferred by clause (b) of sub-section (1) of section 2, read with clause (i) of sub-section (1) of section 4, of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 (Ord. 10 of 2016), the Central Government hereby specifies, in respect of a citizen of India, referred to in clause (i) of sub-section (1) of section 4 of the said Ordinance,

(a) who is a resident in India, the period ending on the 31st day of March, 2017; and

(b)  who is not resident in India, the period ending on the 30th day of June, 2017, as the grace period for the purposes of the said Ordinance:

Provided that the amount of specified bank notes tendered does not exceed the amount specified under regulation 3 or regulation 8 of the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 [Notification No. FEMA 6 (R)/RB-2015, dated the 29th December, 2015] made under the provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and the conditions specified therein are complied with.

[F. No. 10/03/2016-Cy. I]

Dr. SAURABH GARG, Jt. Secy.

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Tags : black money (674) Demonetization (455) RBI Notifications (1844)

One response to “Grace period to deposit old notes to Non Residents & Residents abroad”

  1. GANDHI MOHAN BHARATI says:

    I think that there is a prohibition on taking Indian Currency abroad. I f that is there then why give them time.
    I can understand other circumstances of people having gone abroad earlier than 08 Nov and returning post 30 Dec 2016, if they have left behind some old currency at home. If that be so, is it their entire family was abroad making it a valid reason?

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