NRIs must show old notes to Customs

WASHINGTON, DC — NRIs and Indians returning from abroad will have to physically show the 500 and 1,000 notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.

Indians who were abroad during the 50-day window provided from November 9 to December 30 to deposit the old currency have been given a 3-month grace period (until March 31) and NRIs 6 months (until June 30) to deposit the junked notes at RBI’s offices in Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.

"A declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying Specified Bank Notes (SBNs) for depositing these SBNs in the specified offices of RBI in India," a finance ministry notification said.

"The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger," the notification said.

While there is no limit on deposit of SBNs by an Indian national who was abroad when the 50-day window was in operation, NRIs can deposit only Rs. 25,000, an RBI notification reported.

However, this facility is not available for Indian citizens who are residents in Nepal, Bhutan, Pakistan and Bangladesh, a separate notification added.

Indians abroad will have to produce a "copy of passport with immigration stamp as proof of the individual’s absence from the country during the November 9-December 30 period," as well as copies of all bank account statements evidencing that no SBNs of 500 and 1,000 rupees were deposited during the 50-day window.

Valid ID proof and the Aadhaar number along with the applicant’s KYC-compliant bank account details are also to be submitted, it said.

"On ascertaining that the tenderer was abroad during the grace period, the account is KYC-compliant, fulfilment of other conditions and the genuineness of the notes tendered, admissible amount will be credited to the account under advice to the tenderer," the RBI notification said.

In addition to the proof of being outside the country, NRIs will have to produce "a certificate issued by Indian Customs on arrival through Red Channel after December 30, indicating the import of SBNs, with details and value thereof."