Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 90 views

    RBI Notification Regarding Import and Export of Currencies

    Uploaded by

    indiabhagat101
    The Reserve Bank of India issued a circular notifying new Foreign Exchange Management regulations regarding the export and import of currency. The key points of the new regulations are: 1) Indian residents can take up to Rs. 25,000 (approximately $350) or 2 commemorative coins outside of India and bring back the same amount. 2) Foreign visitors to India can take or bring up to Rs. 25,000, and must declare amounts over $10,000 or its equivalent when entering India. 3) Authorized persons can export foreign currency acquired in normal business, and individuals can export unspent foreign exchange up to the amount originally brought in and declared. 4) Special provisions apply for

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    RBI Notification Regarding Import and Export of Currencies

    Uploaded by

    indiabhagat101
    90 views4 pages
    The Reserve Bank of India issued a circular notifying new Foreign Exchange Management regulations regarding the export and import of currency. The key points of the new regulations are: 1) Indian residents can take up to Rs. 25,000 (approximately $350) or 2 commemorative coins outside of India and bring back the same amount. 2) Foreign visitors to India can take or bring up to Rs. 25,000, and must declare amounts over $10,000 or its equivalent when entering India. 3) Authorized persons can export foreign currency acquired in normal business, and individuals can export unspent foreign exchange up to the amount originally brought in and declared. 4) Special provisions apply for

    Original Description:

    RBI Notification Regarding Import and Export of Currencies

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The Reserve Bank of India issued a circular notifying new Foreign Exchange Management regulations regarding the export and import of currency. The key points of the new regulations are: 1) Indian residents can take up to Rs. 25,000 (approximately $350) or 2 commemorative coins outside of India and bring back the same amount. 2) Foreign visitors to India can take or bring up to Rs. 25,000, and must declare amounts over $10,000 or its equivalent when entering India. 3) Authorized persons can export foreign currency acquired in normal business, and individuals can export unspent foreign exchange up to the amount originally brought in and declared. 4) Special provisions apply for

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    90 views4 pages

    RBI Notification Regarding Import and Export of Currencies

    Uploaded by

    indiabhagat101
    The Reserve Bank of India issued a circular notifying new Foreign Exchange Management regulations regarding the export and import of currency. The key points of the new regulations are: 1) Indian residents can take up to Rs. 25,000 (approximately $350) or 2 commemorative coins outside of India and bring back the same amount. 2) Foreign visitors to India can take or bring up to Rs. 25,000, and must declare amounts over $10,000 or its equivalent when entering India. 3) Authorized persons can export foreign currency acquired in normal business, and individuals can export unspent foreign exchange up to the amount originally brought in and declared. 4) Special provisions apply for

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    RESERVE BANK OF INDIA

    Mumbai - 400 001

    RBI/2015-16/310

    February 04, 2016

    A.P. (DIR Series) Circular No. 45/2015-16 [(1)/6(R)]


    To
    All Authorised Persons
    Madam/ Sir
    Foreign Exchange Management (Export and Import of Currency) Regulations,
    2015
    Attention of Authorised Persons is invited to Foreign Exchange Management (Export
    and Import of Currency) Regulations, 2015 notified vide Notification No. FEMA.6(R)/
    2015-RB dated December 29, 2015, c.f. G.S.R. No.1004 (E) dated December 29, 2015,
    which supersedes the Foreign Exchange Management (Export and Import of Currency)
    Regulations, 2000 and all amendments thereto.
    2. Synopsis of the new regulations is given as under:
    A. Export and import of Indian currency and currency notes
    a)
    i.

    Any person resident in India,


    may take outside India (other than to Nepal and Bhutan) currency notes of
    Government of India and Reserve Bank of India notes up to an amount not
    exceeding Rs.25,000 (Rupees Twenty Five Thousand only) per person.

    ii.

    may take or send outside India (other than to Nepal and Bhutan)
    commemorative coins not exceeding two coins each.
    Explanation:
    'Commemorative Coin' includes coin issued by Government of India Mint to
    commemorate any specific occasion or event and expressed in Indian
    currency.

    iii.

    who had gone out of India on a temporary visit, may bring into India at the
    time of his return from any place outside India (other than from Nepal and
    Bhutan), currency notes of Government of India and Reserve Bank of India
    1

    notes up to an amount not exceeding Rs.25,000 (Rupees Twenty Five


    Thousand only) per person.
    b)

    Any person resident outside India, not being a citizen of Pakistan or


    Bangladesh, and visiting India,

    i.

    may take outside India currency notes of Government of India and Reserve
    Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees
    Twenty Five Thousand only) per person

    ii.

    may bring into India currency notes of Government of India and Reserve
    Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees
    Twenty Five Thousand only) per person

    B. Import of Foreign Exchange into India


    A person,
    i.

    may send into India without limit foreign exchange in any form other than
    currency notes, bank notes and travelers cheques;

    ii.

    may bring into India from any place outside India without limit foreign
    exchange (other than unissued notes) subject to the condition that such
    person makes, on arrival in India, a declaration to the Customs authorities in
    Currency Declaration Form (CDF). It shall not be necessary to make such
    declaration where the aggregate value of the foreign exchange in the form of
    currency notes, bank notes or travelers cheques brought in by such person at
    any one time does not exceed US$10,000 (US Dollars ten thousand) or its
    equivalent and/ or the aggregate value of foreign currency notes brought in by
    such person at any one time does not exceed US$ 5,000 (US Dollars five
    thousand) or its equivalent.

    C. Export of Foreign Exchange and Currency Notes


    i.

    An authorised person may send out of India foreign currency acquired in


    normal course of business,

    ii.

    any person may take or send out of India, a. Cheques drawn on foreign currency account maintained in accordance
    with Foreign Exchange Management (Foreign Currency Accounts by a
    person resident in India) Regulations, 2000;
    b. foreign exchange obtained by him by drawal from an authorised person in
    accordance with the provisions of the Act or the rules or regulations or
    directions made or issued thereunder;

    c. currency in the safes of vessels or aircrafts which has been brought into
    India or which has been taken on board a vessel or aircraft with the
    permission of the Reserve Bank;
    iii.

    any person may take out of India, a. foreign exchange possessed by him in accordance with the Foreign
    Exchange Management (Possession and Retention of Foreign Currency)
    Regulations, 2000 ;
    b. unspent foreign exchange brought back by him to India while returning
    from travel abroad and retained in accordance with the Foreign Exchange
    Management

    (Possession

    and

    Retention

    of

    Foreign

    Currency)

    Regulations, 2000 ;
    iv.

    any person resident outside India may take out of India unspent foreign
    exchange not exceeding the amount brought in by him and declared in
    Currency Declaration Form (CDF).

    D. Export and Import of currency to or from Nepal and Bhutan


    A person mayi.

    take or send out of India to Nepal or Bhutan, currency notes of Government of


    India and Reserve Bank of India notes (other than notes of denominations of
    above Rs.100 in either case) provided that an individual travelling from India
    to Nepal or Bhutan can carry Reserve Bank of India currency notes of
    denomination Rs.500/- and/or Rs.1000/- up to a limit of Rs.25,000/- ;

    ii.

    bring into India from Nepal or Bhutan, currency notes of Government of India
    and Reserve Bank of India notes (other than notes of denominations of above
    Rs.100 in either case) ;

    iii.

    take out of India to Nepal or Bhutan, or bring into India from Nepal or Bhutan,
    currency notes being the currency of Nepal or Bhutan.

    E. Prohibition on Export of Indian Coins


    No person shall take or send out of India the Indian coins which are covered by
    the Antique and Art Treasure Act, 1972.
    3. The new regulations have been notified vide Notification No. FEMA. 6 (R)/2015-RB
    dated December 29, 2015, c.f. G.S.R. No.1004 (E) dated December 29, 2015 and shall
    come into force with effect from December 29, 2015.
    4. Authorised Persons may bring the contents of the circular to the notice of their
    constituents concerned.
    3

    5. The directions contained in this circular have been issued under Sections 10(4) and
    11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without
    prejudice to permissions/ approvals, if any, required under any other law.

    Yours faithfully,

    (B P Kanungo)
    Principal Chief General Manager

    You might also like