The Government of India has cancelled the legal tender of Rs.500
and Rs.1000 denominations (speificed bank notes - SBNs) from the expiry of 8 November 2016 and issued advisory to
deposit Old High Denomination Bank Notes to individuals/persons into their bank
accounts and/or exchanged in bank branches or Issue Offices of RBI till the
close of business hours on 30th December,
A Press Release issued by Department of Economic Affairs, Ministry of Finance could be
accessed at the following link: http://finmin.nic.in/press_room/2016/press_cancellation_high_denomination_notes.pdf
The Ministry of Finance has now announced, vide gazette
notification dated 30 December 2016, that this facility would be available to
all Indian citizens who were outside India from 9 November 2016 to 30 December
2016, to tender these SBNs at the specified Issue Offices of RBI until 31 March 2017. For those citizens of India, who are not
resident in India, this facility would be available till 30 June 2017 in order to allow them to adequate
time to plan a visit as per their convenience.
This facility, however, would be subject to regulations of Foreign
exchange Management (Export & Import of Currency) Regulations, 2015 under
which bringing back such currency into the country is, restricted to Rs.
25,000/- per person. The Indian community in Belarus is
advised to take benefit of these revised provisions.