All Indian citizens, who were outside India from November 9 to December 30, will be able to exchange or deposit the old currency note of Rs 500 and Rs 1, 000 till March this year, an official statement said on Friday.
This facility will be available for those who are not residents of India till June 30 "in order to allow them adequate time to plan a visit as per their convenience", it said.
However as per regulations, bringing back such currency into the country is restricted to Rs 25, 000 per person.
The above facility would be subject to the regulations of the notification, Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
Separate FEMA provisions are applicable to persons in Nepal and Bhutan, which would continue to be in force.