RBI has come out with conditions for exchange of defunct notes for Resident Indian citizens who were abroad, and Non-Resident Indians who failed to do so till Friday, the last day for depositing the invalid notes in banks. <br/><br/>In a statement, the apex bank said, Resident Indian citizens, who were abroad during 9th of November till 30th December, can exchange their old notes upto 31st March, while NRIs who were abroad during the same period can avail the facility upto 30th of June. However, Indian citizens in Nepal, Bhutan, Pakistan and Bangladesh cannot avail the facility.<br/><br/>The limit will be 25,000 rupees per person as per the relevant Foreign Exchange Management Act (FEMA) Regulations. The facility will be available through Reserve Bank offices at Mumbai, Delhi, Chennai, Kolkata and Nagpur.

RBI has come out with conditions for exchange of defunct notes for Resident Indian citizens who were abroad, and Non-Resident Indians who failed to do so till Saturday, the last day for depositing the invalid notes in banks. <br/><br/>In a statement, the apex bank said, Resident Indian citizens, who were abroad during 9th of November till 30th December, can exchange their old notes upto 31st March, while NRIs who were abroad during the same period can avail the facility upto 30th of June. <br/><br/>However, Indian citizens in Nepal, Bhutan, Pakistan and Bangladesh cannot avail the facility.The limit will be 25,000 rupees per person as per the relevant Foreign Exchange Management Act (FEMA) Regulations. The facility will be available through Reserve Bank offices at Mumbai, Delhi, Chennai, Kolkata and Nagpur.

Reserve Bank last night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till Friday, the last day for depositing the invalid currency notes in banks. <br/><br/>Resident Indian citizens who were abroad from November 9th to December 30th can avail this facility up to March 31st, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30th, 2017. <br/><br/>While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations 25,000 rupees per person. <br/><br/>RBI said, citizens can avail this facility in their individual capacity once during the period on submission of ID documents, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier. The statement added that no third party tender will be accepted under the facility.<br/>'<br/>This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur. According to RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility.<br/><br/>Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him, it said. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary's Department, it added.