if by trade you mean exchanging old currency for new one or deposit in an appropriate account in a bank then answer is NO. That deadline has passed.

If you are an indian citizen and you can prove that you were out of India during the specified period then you can bring up to 25000 RS back with you to India, fill up the custom declaration form and get it stampled by custom officer at the airport before leaving customs and then go to specfied branch of RBI to deposit money in your indian bank account.

For OCI/PIO, current RBI FAQ Item 6 states that they do not have any option at this time.

In order to prevent parellal underground illegal currency taking hold, Indian Government recently issued an ordinance criminalizing possession of UNDECLARED old notes. Enforcement for small amount is unlikely but unless you are Indian citizen, not worth carrying those USD 7 equivalent notes to India (until babus come up with clarification rule)

Unless you are hell bent on violating laws of country you are visiting, there is absolutely no need to change any plans of visiting India. You can follow up to date situation in Thorn Tree forum or to lesser extent here or simply google but it seems that in most urban areas getting money from ATM/bank or doing forex transactions is not an issue.