NRIs are eligible to deposit their Rs. 500 & Rs. 1000 notes in their NRO account in India. Please bear in mind that the deposit limit may vary and the bank may require an ID as well as PAN card or passport to deposit. You may even end up paying taxes unless you can prove that the money you have is tax-deffered. Once the money is in your NRE account and the proof is submited, you can then tranfer it over the NRE account and repatriate it back. If you are an US Resident, you can account double taxation, in case if you end up paying the tax, by acquiring Form 6166 - Certification of U.S. Tax Residency from IRS and then submitting it in India.
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