They say when you witness change, plunge into it and join the dance – Join the dance by taking care of your own moves first. And just to revise the dance lesson for you, here’s what you need to be careful about-
- As per the law, NRIs are supposed to reconvert the Indian currency into their foreign currency before they leave India, so they wouldn’t be having much Indian cash with them.
In case for some reason you were not able to reconvert, the following applies to you….
You can exchange 500 and 1000 rupee notes till December 30, 2016.
- If you are not travelling before that, you can still change them until March 31, 2017 by showing identity proof at the RBI offices.This date can be even extended further for person staying outside India after giving the proof of the same.
- As per RBI guidelines, you could authorise another person in India to deposit the notes in your account – once you have given an authority letter in writing.
- The authorised person would have to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof.
- Valid Identity proof for all such purposes is any of the following: Aadhar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff).
- Most important, Currency can only be exchanged in India either by personally tendering it or by sending it through an authorized representative.
- There is no bar on deposit of money as long as you can show source of money/income. Tax is not an issue for an NRI.
- Remember – you can’t deposit INR cash in the NRE account. This is what can be done-
a) Make a request for opening of an NRO account with the same customer Identity through the net banking logged in section
b) Or call the 24×7 customer care
c) Or placing a request at the particular bank branch in India.
d) The account opens within 2 working days.
e) After this, you or your authorized representative may deposit the cash in the NRO account
- The INR cash cannot be used to create an NRO FD.
a) For this, deposit the cash in the NRO account and then place a request for NRO FD creation through phone internet banking/ phone banking/ mobile banking/branch.