NRIs, PIOs and OCIs are battling to swap junked currency after demonetization. Now, Reserve Bank of India (RBI) has given a new lease to them. The date to swap outdated currency has been extended upto 30th June, 2017. By showing their valid identity & source proofs along with the letter/form of authority, they can easily exchange the defunct notes at any branch of RBI.
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New Year Gift: Date Extended for Converting PIO into OCI
The year 2016 was full of upheavals. India announced surgical attack on corruption. The sudden announcement of banning currency notes of 500 and 1000 felt no ground under the feet of every Indian. These denominations configured 86% of the liquid asset in this economy. But this declamation on 8th November, 2016 ceased its liquidity. NRIs, PIOs and OCIs are no exceptions. They too fell under this grid.
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