Indians travelling abroad may get more time to deposit old banknotes
As the deadline for holding 500 and 1000 rupee banknotes comes to an end, Indians travelling abroad will get a new window to deposit old ban notes.Updated: Dec 29, 2016 20:11 IST
As the deadline for holding 500 and 1000 rupee banknotes comes to an end, Indians travelling abroad will get a new window to deposit old ban notes.
A top source in the government told Hindustan Times, “In the last cabinet meeting, Prime Minister Narendra Modi has himself taken a call on this specific issue. The Reserve Bank of India will soon issue a new notification to allow Indian travellers from abroad deposit old currencies.”
According to RBI rules, an Indian on a temporary visit abroad may bring back money amounting to Rs 25,000 from any place, except Nepal and Bhutan currency.
The same cap is applicable for “any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring Indian currency notes up to Rs 25,000 while entering only through an airport”.
“People will be allowed to return from abroad money in old Indian currency up to the stipulated cap. If they have hoarded more money, then no body can help them. As it is, they are not expected to hoard Indian currency abroad,” said a minister.
The proposed move comes amid large scale appeals and concern of Indians settled abroad and also those who have gone for a long, overseas tour.
The RBI notification is expected in a day or two, after the President promulgates the new ordinance that slaps a penalty on those with the scrapped banknotes after December 30, sources said.