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.Date for deposit of Specified Bank Notes extended for Residents and Non Resident Indians who were outside country from 09.11.2016 to 30.12.2016

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2 responses to “Attention! Resident & Non-Resident Indians returning from abroad”

  1. VIVEK says:

    I left India on 04/11/2016 to USA and booked return ticket on 24/04/2017. I have carried some Indian currency and also kept some money at home to meet urgent expenses. No provision has been in the ordinace for those Indian citizens who will be arriving India after 31/03/2017. Further how they can obtain certificate from customs for the money kept at home? Why Indian citizen arriving in Bangalore should all the way should travel to Chennai to regularise their legitimate money. Further my son from another place from USA arrived in Chennai early morning on 01/01/2017. He carried some Indian currency for depositing in the RBI. None of the customs officers was aware of the ordinace and no announcement was made at the Airport to obtain certificate for the Indian currency from customs. How people who arrived on 31st or 1st will be able deposit the amount.

  2. Chandrakant Upadhyay says:

    We are Kenya and will be returning in July 2017. We came here on 25th Oct.2016. What should we do to avail this facility?

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