Originally Posted by
desi
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, babus have not come up with any diktat. (neither for foreigners)
In order to prevent parellal underground illegal currency taking hold, President of India has signed an ordinance criminalizing possession of UNDECLARED old notes. Enforecement 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)
The Prime Minister approved and signed the ordinance. Otherwise the Indian President couldn't do anything on this matter. The Indian Presidency is largely a ceremonial post. The head of government is the Prime Minister, and the general executive powers of governing in this area too is vested in the Office of the Prime Monster.