exchange of INR 500 in banks
This query is : Resolved
Ab kulkarni
(Querist)
09 November 2016
I have few may be 5 INR 500 currency notes. Problem is I am abroad and would return to India in April 2017. Am I allowed to exchange the notes in banks in April 2017.
Amol S Joglekar
(Expert)
09 November 2016
since you are abroad and likely to return in April 2017......yours is an EXCEPTIONAL case. So please do NOT go by the general guide lines. There is always a clean ROAD for ALL genuine people.....You will be given a separate channel to exchange the notes...dont worry
Palash Ghosh
(Expert)
09 November 2016
Yes you can.
"For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India."
"For those who are unable to exchange their Specified Bank Notes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India."
Palash Ghosh
(Expert)
09 November 2016
Q: I am right now not in India, what should I do?
Ans: If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
Q: I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Ans: Yes, you can deposit the Specified banknotes to your NRO account.
Ans: If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)
Q: I am an NRI and hold NRO account, can the exchange value be deposited in my account?
Ans: Yes, you can deposit the Specified banknotes to your NRO account.
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