Definition of "Currency", 2015 as per FEMA

Debit cards, ATM cards or any other instrument which can be used to create a financial liability may be defined as currency.

The new regulations shall come into force with effect from December 29, 2015.

Based on RBI Circular dt 04/02/16. Please visit www.rbi.org.in for any further clarification if required…..       Poppy