Three Month Grace Period for Surrendering SBNs for RIs who were Out of India

· NRIs 6 Months

[Ministry of Finance (Department of Economic Affairs) Notification dated 30th December, 2016]

S.O. 4251(E). – In exercise of the powers conferred by clause (b) of sub-section (1) of section 2, read with clause (i) of sub-section (1) of section 4, of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 (Ord. 10 of 2016), the Central Government hereby specifies, in respect of a citizen of India, referred to in clause (i) of sub-section (1) of section 4 of the said Ordinance,-

(a) who is a resident in India, the period ending on the 31st day of March, 2017; and

(b) who is not resident in India, the period ending on the 30th day of June, 2017,

as the grace period for the purposes of the said Ordinance:

Provided that the amount of specified bank notes tendered does not exceed the amount specified under regulation 3 or regulation 8 of the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 [Notification No. FEMA 6 (R)/RB-2015, dated the 29th December, 2015] made under the provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and the conditions specified therein are complied with.

[F. No. 10/03/2016-Cy. I]