Demonetisation: NRIs bringing old notes into India need to make declarations to customs at airport

New Delhi: Though the deadline to deposit demonetised notes in bank branches ended on December 30, NRIs and Indian nationals abroad are still allowed by the Reserve Bank of India to deposit up to Rs 25,000 of the banned notes within the grace period.

The window for Indian nationals who were travelling abroad is till March 31 and for NRIs, it is June 30, 2017.

In order to deposit junked notes in a RBI branch in India, NRIs and Indians abroad will have to show the currency to Customs officials at the airport and get declaration form stamped.

A finance ministry notification said that the declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency.

The following key points that NRIs and Indian nationals abroad need to keep in mind for depositing the banned currency notes:

1. NRIs and Indian nationals abroad can deposit demonetised currency in India subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. 

2. An individual is restricted to bring back only Rs 25,000.

3. A declaration form will have o be filled for the period from up to March 31, 2017 or June 30, 2017, as applicable,for carrying  and depositing banned notes in the specified offices of RBI in India.

4. At the airport/land Customs stations etc on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices.

5. One will have to fill up a one-page form for depositing junked notes, and deposit a scanned copy with the Customs formations.

6. The details of the declaration and statements that are required to be submitted along with banned notes at the time of deposit in RBI issue offices will be separately announced by RBI. Any false declaration will invite a fine of Rs 50,000 or five times the amount of the face value of the SBN tendered, whichever is higher.

The government had declared 500 and 1,000 denomination bank notes as illegal tender from November 9, 2016. Subsequently, the President approved the promulgation of the Specified Bank Notes (Cessation of Liabilities Ordinance) Ordinance, 2016 on December 30.

The ordinance imposes penal liabilities on the holders of SBNs after the specified date. It makes holding, transfer and receiving of the demonetised notes a criminal offence, punishable with a fine of Rs 10,000 or five times the cash held, whichever is higher.