NRIs: Step by step guide to getting your old notes replaced at the Reserve Bank of India before June 30

We come back with another one of our PSA step by step guides which tells you how you can get your old notes replaced at RBI if you are a NRI (Non-Resident Indian). This is only valid till June 30, I had done this at the RBI a couple of days ago.

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Pre-Requisites :

1. You must be a NRI, if you went for a holiday, you are not eligible for this scheme.

2. You must have a NRO account.

3. You must not have deposited cash into your account during November and December.

4. Max limit of note change is Rs.25000 under this scheme for NRIs

Documents Required :

1. Copy of 1st and last page of passport

2. Copy of latest exit and entry stamp in passport

3. Copy of customs declaration form you have filled in while entering the country

4. Bank statement of all NRO accounts during the month of Nov and Dec 2016

5. Copy of PAN Card

6. Letter to be filled in at RBI requesting change of notes

You would need to know your bank account number, branch information and the IFSC code.

Process:

1. While returning to India declare the money you are carrying by filling up the customs declaration form. The desk for this purpose is setup near the red channel at Indira Gandhi International Airport.

2. Keep the declaration form in safe custody while exiting the airport.

3. Take God’s name and head to RBI, at RBI the guards will pretend to check your passport for entry and exit stamps, humor them. Obviously they dont understand how these stamps work.

4. Get a visitor’s pass made at the RBI gate, they will take your photo.

5. Enter the RBI premises, an awesome Sardarji was there who was checking documents during my time. Fill up the Letter for exchange and give it to the person checking along with all documents.

6. If everything is fine, you would be sent to another table who will recheck the documents.

7. If everything is ok, you will now be sent to counter no.42 where your form will be taken alongwith the cash.

8. I have no idea what they do now, I waited for almost an hour and at the end of it they gave me a form which acknowledged that they received the money from me. Apparently it will be deposited into my account in 3 months if they feel like it.

Conclusion

Like the government’s decision, the process is pretty arbitrary and opaque. However there wasn’t a lot of rush at RBI and the officials did seem to be polite so that’s good news. Even without the rush, it did take me around 2-3 hours to go through the entire process. Another good thing was that if you were missing a doc, they wouldn’t shoo you away like most government departments, they were actually giving you an email Id to forward the missing documents to.

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2 thoughts to “NRIs: Step by step guide to getting your old notes replaced at the Reserve Bank of India before June 30”

  1. Do they verify if the account is NRO? Some NRIs may still have regular account so just wondering why you stressed on the fact that the account has to be NRO. Please clarify

  2. In my case they did, NRIs are not allowed to have regular accounts so it would just be an easy way for them to take your money and deny the credit IMO.

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