of India has issued “The Specified Bank Notes (Cessation of
Liabilities) Ordinance, 2016” on 30.12.2016. Section 4 of the
Ordinance empowers Govt. to permit exchange of specified bank notes
by Indian citizens who were outside India between 09.11.2016 to
30.12.2016 subject to conditions notified by the Govt.
to this Ordinance is http://dea.gov.in/sites/default/files/Ordinance
10 of 2016 30.12.2016.pdf.
exercise of these powers, Ministry of Finance (DEA) has issued a
Notification S.O. 4251(E) dated 30.12.2016 allowing NRIs to exchange
specified bank notes upto FEMA limit (Rs.25,000/-) within grace
period upto 30.06.2017.
to the notification