Specified Bank Notes is not Accepted at RBI Offices

Specified Bank Notes (SBN’s) are not accepted at RBI offices. As per the reports of Times of India, Reserve Banks of India is not accepting old specified bank notes at several offices. The reason for this is a notification shared by RBI on 31st December, 2016.

As per the notification shared by RBI, The facility to exchange specified currency notes is available for resident and non-resident citizens who could not avail the facility to exchange their money on account of their absence from India during the aforementioned period allotted by Government of India to exchange the old specified currency notes i.e. 10th November to 30th December 2016.

The other condition was that any person who wants to exchange the specified currency notes should not have deposited or exchanged any money in the specified period allotted to exchange the money. The above facility is available only to those tenderers whose accounts are KYC compliant and those who have not deposited SBNs into their accounts from November 10 to December 30, 2016.

As per the notification.

Eligibility Criteria to avail the facility

  1. This facility can be availed by an Indian citizen as their individual capacity, only on one occasion during the period. No third party tender is permissible under this facility.
  2. Among Indian Citizens two categories of individuals, holding SBN’s, can avail the facility:
    1. Resident Indians who were abroad during the period from November 9 to December 30, 2016, and
    2. Non Resident Indians (NRIs) who were not in India during the period from November 9 to December 30, 2016
  3. This facility will not be available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
  4. The terms/ conditions and modalities of the facility for the two eligible categories defined above are as under:
    1. Resident Indians

      1. Only those residents who were abroad during the period from November 9,2016 to December 30, 2016 will be eligible to avail this facility only once during the tenure of the facility.
      2. There will be no monetary limit for submission of SBNs in the tender.
      3. Tenders should be submitted in a Tender Form as per Annex 1 with necessary documentary evidence to prove they were abroad during the said period.
      4. A copy of Passport with immigration stamp as proof of the individual’s absence from the country during the period November 9, 2016 to December30, 2016 should be submitted. Passport in original should be presented at the RBI counter for verification.
      5. Copies of all bank account statements evidencing that no SBNs were deposited during November 10, 2016 to December 30, 2016.
      6. Tender should be accompanied by Valid ID Proof and Aadhaar number along with applicant’s KYC compliant bank account details.
      7. Requisite document as per provisions of Section 114B of IT Rules, 1962 will be required.
      8. An acknowledgment of receipt will be issued to the tenderers pending credit of admissible amount.
      9. On ascertaining that the tenderer was abroad during the period from November 9, 2016 and December 30, 2016, the account is KYC compliant, fulfilment of other conditions and the genuineness of the notes tendered,admissible amount will be credited to the account under advice to the tenderer.
    2. Non Resident Indians (NRIs)

      1. Only those NRIs who were not present in India during the period from November 9, 2016 to December 30, 2016 will be eligible to avail this facility once during the tenure of the facility.
      2. Tenders should be submitted along with a Tender Form as per Annex 2.
      3. Tenders will be restricted to a maximum of ₹ 25,000 per individual depending on when the notes were taken out of India as per relevant FEMA rules.
      4. A Copy of Passport with immigration stamp as proof of the individual’s absence from the country during the period November 9, 2016 to December30, 2016 should be submitted. Passport in original should be presented at the RBI counter for verification.
      5. A certificate issued by Indian Customs on arrival through Red Channel after December 30, 2016 indicating the import of SBNs, with details and value thereof should also be submitted.
      6. Copies of statements of all bank accounts in India evidencing that no SBNs were deposited during November 10, 2016 to December 30, 2016.
      7. Requisite document as per provisions of Section 114B of IT Rules, 1962 are required to be submitted.
      8. An acknowledgment of receipt will be issued to the tenderers pending credit of admissible amount.
      9. On ascertaining that the tenderer was abroad during the period from November 9, 2016 and December 30, 2016, the account is KYC compliant, fulfilment of other conditions and the genuineness of the notes tendered,admissible amount will be credited to the account under advice to the tenderer.

Duration for the Exchange

The facility to exchange money is open for:-

  1. for Indian Citizens:- from January 2, 2017 to March 31, 2017
  2. for Non Resident Indians (NRIs):- January 2, 2017 to June 30, 2017.

Places of Exchange

The facility is not available at all regional offices of RBI

This facility will be made available through five of the offices of the Reserve Bank viz. the Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur. (Whose Addresses are attached below.)

 

Copy of Notification

Annexure – 1 – For Residents

Annexure – 2 – For NRI’s

Copy of Notification on Section 114B of Income Tax

RBI Office Address