Demonetisation: Sources say NRIs, people abroad get grace period to deposit cash

The government has prepared an ordinance, whereby a person holding more than 10 notes of demonetised currency after December 31, may have to pay a penalty of Rs 10,000, or a fine upto Rs 50,000 for false declarations made during the grace period.However, sources tell CNBC-TV18 that a grace period will be provided in some exceptional cases like Non-resident Indians and Indian citizens who were abroad between November 9 and December 10. The ordinance will be called Specified Bank Notes (Cessation Of Liabilities) Ordinance 2016, say sources privy to the information. Also, the government is expected to present the ordinance in the parliament "at the earliest".The RBI and Central Government's liability with respect to the specified bank notes (SBNs) will end from December 31.
RBI will verify the genuiness of the SBN declaration before crediting the amount into the bank accounts.Watch video for more.