MUMBAI: Scrapped old notes ­ Rs 500 and Rs 1,000 ­ which were to be exchanged latest by December 20, 2016, are still there. They can be exchanged even now, but for a hefty premium.Non-Resident Indians (NRIs), who were allowed to exchange old notes till June 30 this year, are being offered a handsome commission for exchanging these notes. Those who have not declared are the ones who feel their future source of income would also be exposed before the tax authorities," said Pravin.He said that after they collect their 1 per cent commission, they pass on the old notes to NRIs. "NRIs have approached us and for a crore of old notes, we ask them to give us Rs 10 lakh in new notes. "They are exchanging notes with NRIs and submitting absolutely foolproof documents," said an RBI official.

Source: Economic Times June 14, 2017 03:28 UTC