SBN- Grace Period For Residents & NRIs.
The facility for exchange of Specified Bank Notes (SBN) announced by Reserve Bank of India (RBI) was from 10th November to 30th December 2016. On November 8, 2016, Prime Minister of India announced cancellation of legal tender status of Rs.500 and Rs.1000/- effective from November 9, 2016. This resulted in demonetisation process and more focus on Digital India concept. RBI has now provided grace period for exchange of SBNs for resident and non-resident citizens who could not avail exchange facility till 30th December , 2016 due to their absence from India.
Specified Bank Notes (SBNs)- Grace Period Stipulations
1. Exchange facility is extended only in accounts which are KYC compliant.
2. SBNs can be exchanged only through five of the offices of the Reserve Bank at Mumbai, New Delhi, Chennai, Kolkata, and Nagpur.
3. The facility will remain open during the following periods:
Residents – January 2, 2017 to March 31, 2017
NRIs – January 2, 2017 to June 30, 2017
4. The facility is only for Indian citizens in their individual capacity
5. The facility can be availed only once during the period.
6. No third party tender is permissible under the facility.
7. This facility is not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
Specified Bank Notes (SBNs)- Grace Period Stipulations for Resident Indians
1. Only those residents who were abroad during the period November 9, 2016 to December 30, 2016 are covered.
2. SBNs should be submitted along with the prescribed Tender Form.
3. A copy of Passport with immigration stamp as proof of the individual’s absence from the country during the period from November 9, 2016 to December 30, 2016 should be submitted. Original passport should be presented at the RBI counter for verification.
4. Copies of statements all bank accounts evidencing that no SBNs were deposited during November 10, 2016 to December 30, 2016 should be submitted.
5. Tender should submit Valid ID Proof and Aadhaar number along with details of KYC compliant bank account details.
6. Requisite document as per provisions of Section 114B of IT Rules (PAN card/ Form 60) should be submitted.
7. An acknowledgment of receipt will be issued to the tenderers
8. After ensuring satisfactory compliance of conditions, amount will be credited to the account and the tenderer will be intimated.
Specified Bank Notes (SBNs)- Grace Period Stipulations for NRIs
1. Only for those NRIs who were not present in India during the period November 9, 2016 to December 30, 2016.
2. SBNs should be submitted along with the prescribed Tender Form.
3. Maximum of ₹ 25,000 per individual will be accepted 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 should be submitted. Original passport should be presented at the RBI counter for verification.
5. 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 be attached.
6. Copies of statements of all bank accounts in India in evidence of not having deposited SBNs during November 10, 2016 to December 30, 2016 to be submitted.
7. Requisite document as per provisions of Section 114B of IT Rules (PAN card/ Form 60) is required to be submitted.
8. An acknowledgment of receipt will be issued on acceptance SBNs.
9. After ensuring satisfactory compliance of conditions, amount will be credited to the account and the tenderer will be intimated.
Specified Bank Notes (SBNs)- Grievance Mechanism.
Any person, aggrieved by the refusal of the Reserve Bank to credit the value of SBNs tendered, may represent to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal. Such representations should be addressed to
The Central Board,
Reserve Bank of India,
Secretary’s Department,
Central Office Building,
16th Floor,
Shahid Bhagat Singh Marg,
Mumbai – 400 001.
