Foreign citizens can exchange old notes till 31-01-2017. RBI relaxes the SBNs exchange facility to foreign citizens (i.e. foreign passport holders)

Foreign citizens can exchange old notes till 31-01-2017. RBI relaxes the SBNs exchange facility to foreign citizens (i.e. foreign passport holders)

Reserve Bank of India

RBI/2016-17/208
A.P. (DIR Series) Circular No. 24

January 03, 2017

To
All Authorised Persons

Madam / Sir,

Exchange facility to foreign citizens

Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 and extended up to December 31, 2016 vide A.P. (DIR Series) Circular No. 22 dated December 16, 2016.

2. On a review it has been decided that the instructions contained in the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 shall continue to be in force till January 31, 2017.

3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Shekhar Bhatnagar)
Chief General Manager-In-Charge