Foreigners can change forex for Indian currency up to Rs 5k

Foreign citizens can exchange foreign currency for Indian notes up to a limit of Rs 5,000 per week till December 15, the Reserve Bank said today.

While exchanging the notes, the foreign passport holder will have to submit a self-declaration that the facility has not been availed of during the week.

"... it has been decided that foreign citizens (foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of Rs 5,000 per week till December 15, 2016...," the central bank said in a notification.

Following cancellation of legal tender character of old Rs 500 and Rs 1,000 notes, the government and RBI had announced a host of steps to help people deal with the cash problem.

Holders of such currency were given options to either exchange the notes or deposit in their bank accounts. Certain exemptions have also been given where the invalid notes could be used for transactions.