Any Citizen of india can deposit old notes at RBI i.e. SBN demonetised notes of Rs. 500 and 1000 at RBI till March 31, 2017.
He needs to give declaration that he was outside india during november 10, 2016 till 31st December 2016. Any indian citizen who is non – resident can deposit old notes at RBI till june 30, 2017. Agter giving declaration that he was out side india during 9th November to 30th December 2016. such persons those who were out side india during demonetisation period can bring old notes to india up to rs. 25000. subject to satisfaction of fema norms. Thus, such resident or non resident can deposit Rs. 25000 to rbi till march 31st or 30 June respectively.
Such citizens also needs to satisfy the conditions as specified by RBI. Then after RBI may credit the amount in KYC compliant bank account only when it is satisfied about the genuineness of reason for not depositing old notes till December 30th 2016.
Any person who is making false declaration to RBI shall be punishable with fine of Rs. 50000 or five times of the amount of old notes, whichever is higher.
No person either resident or non – resident is allowed to hold the old notes after march 31, 2017 or june 30, 2017. Any person who is having old notes of 500 or 1000 after march 31st or June 30, 2017 may need to pay penalty. The amount of penalty will be Rs. 1000 or five times the value of old notes whichever is higher.