1. The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 has been promulgated, in the follow-up of withdrawal of the legal tender character of the existing series of banknotes, as on 8.11.2016, in denominations of Rs. 500 & Rs. 1000 (referred to as Specified Bank Notes or SBNs). The Ordinance has come into effect from 31.12.2016.
2. In terms of provisions of the Ordinance, the notification of the Ministry of Finance (Department of Economic Affairs) published in the Gazette of India: Extraordinary vide number S.O. 4251(E) dated 30.12.2016 permits citizens of India who were outside the country from 9,11.2016 to 30.12.2016 to deposit the SBNs in the prescribed manner and subject to prescribed conditions.
3. For Resident Indians, this window is open only until 31.3.2017. However, for Non-Resident Indians, the last date is 30.6.2017.
4. The maximum amount allowed per person shall be Rs. 25,0001- in terms of FEMA provisions (separate FEMA provisions apply to Nepal & Bhutan).
5. The copy of the requisite form to be submitted to Customs by the passengers on their arrival in India is available at www.cbec.gov.in.
6. For the above purpose, the declaration & statements that are required to be submitted along with SBNs at the time of deposit in RBI Issue Offices will be separately announced by RBI. At the time of arrival into India, Customs stamp on such forms may be obtained and the same shall be submitted along with other documents to RBI offices by the passengers.