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December 30th was the deadline for Indians to deposit old 500 and 1000 currency notes. People can deposit money in Reserve Bank of India until March 31st, but has to provide right documents. However, the Reserve Bank extended deadline period for NRIs (non-resident Indians).
RBI has allowed NRIs to exchange the non-operational Rs 500 and Rs 1,000 notes till June 30. This facility will be available through RBI offices in Mumbai, Delhi, Chennai, Kolkata and Nagpur.
In a notification issued, the RBI said that resident Indian citizens who failed to deposit old notes and were abroad between November 9 and December 30, 2016 can avail themselves of this facility up to March 31, 2017, and NRI citizens could do the same till June 30, 2017.
While there is no limit set for exchange when it comes to resident India, the limit for NRIs will be Rs 25,000 per person. This facility however can be availed once per individuals upon submission of identification documents and evidence showing that they were abroad during the period.
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