Demonetization of Rs.500 and Rs.1000 currency notes
Government of India has issued “The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016” on 30.12.2016. Section 4 of the Ordinance empowers Govt. to permit exchange of specified bank notes by Indian citizens who were outside India between 09.11.2016 to 30.12.2016 subject to conditions notified by the Govt. Weblink to this Ordinance is http://dea.gov.in/sites/default/files/Ordinance 10 of 2016 30.12.2016.pdf.
In exercise of these powers, Ministry of Finance (DEA) has issued a Notification S.O. 4251(E) dated 30.12.2016 allowing NRIs to exchange specified bank notes upto FEMA limit (Rs.25,000/-) within grace period up to 30.06.2017. There is no mention of OCI Cardholders or PIOs. Weblink to the notification is http://dea.gov.in/sites/default/files/24Notification 30.12.2016.pdf .
A decision, as and when taken by DEA with regard to extending the same facility to OCI Cardholders or Persons of Indian Origin will be circulated/shared on our website.