I am an Overseas resident of Indian Origin and will be visiting India soon to see my parents. I am holding some amount of demonetised Indian currency in denominations of 500 and 1000 which was to be used during my India visits. Upto what amount I can bring them into India before 30th for crediting to my NRO account and should this be declared at customs counter on arrival
The rules expressed by IATA are:
Currency Import regulations:
Foreign currencies : unlimited. However, amounts exceeding USD 5,000.- (or equivalent) in cash, or USD 10,000.- (or equivalent) in traveler's cheques must be declared;
Local currency (Indian Rupee-INR): Import of INR is prohibited, except for residents of India importing up to INR 7,500.-.
Foreign currencies include currency notes, traveler's cheques, cheques, drafts etc. (Re)exchange only through banks and authorized money exchange points.
I have no reason to suppose they have yet changed. Strictly speaking if not an Indian resident you are not allowed to import any Rupees. Of course current INR500 and INR1000 notes will soon not count as currency and import/export for all will be effectively without limit.
If you are not an Indian resident you should declare any Rupees and expect them to be confiscated.
If you are an Indian resident returning before December 30 you are allowed to import up to INR7,500 without declaring it.
If you are an Indian resident returning before December 30 with more than INR7,500 you should declare any Rupees and expect them to be confiscated.