The grace period for Indian
citizen residing in India is March 31, 2017 and for Indian citizen resident
outside is June 30, 2017
The Specified Bank Notes
(Cessation of Liabilities) Ordinance 2016 was promulgated by the President of
India (GoI Ordinance No. 10 of 2016 dated December 30, 2016) and it came into
effect from December 31, 2016. Subsequently, the Specified Bank Notes
(Cessation of Liabilities) Act, 2017 was notified on 28th February, 2017.
A grace period has been
provided during which the Specified Bank Notes can be deposited in accordance
with this Ordinance/Act by Indian citizens who make a declaration that they
were outside India between November 9 and December 30, 2016, subject to
conditions that may be specified by notification by the Central Government. The
grace period for Indian citizen residing in India is March 31, 2017 and for
Indian citizen resident outside is June 30, 2017 as per Government of India
notification no. 10 dated December 30, 2016. While there is no monetary limit
for exchange for the eligible Resident Indians, the limit for NRIs is as per
the relevant FEMA Regulations.
The Reserve Bank, if
satisfied after making the necessary verifications, that the reasons for
failure to deposit the notes till December 30, 2016 are genuine, will credit
the value of notes in the KYC (Know Your Customer) compliant bank account of
the tenderer. This facility is available only at five selected RBI Offices
(Mumbai, New Delhi, Chennai, Kolkata, and Nagpur).
This was stated by Shri
Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written
reply to a question in Lok Sabha today.
Source :PIB Release, dated
10.3.2017
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