Monday, February 8, 2016
Export and Import of Currency
A. Export and import of Indian currency and currency notes
a) Any person resident in India,
i. may take outside India (other than to Nepal and Bhutan) currency notes up to Rs.25,000.
ii. may take or send outside India (other than to Nepal and Bhutan) commemorative coins not exceeding two coins each.
iii. may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), Indian currency notes up to Rs.25,000.
b) Any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India,
i. may take outside India currency notes up to Rs.25,000 per person
ii. may bring into India currency up to Rs.25,000 per person
B. Import of Foreign Exchange into India
i. may send foreign exchange without limit into India in any form other than currency notes, bank notes and travelers cheques;
ii. may bring foreign exchange into India without limit (other than unissued notes) subject to the condition that such person makes, a declaration to the Customs authorities in Currency Declaration Form (CDF) on arrival in India.
iii. Such declaration would not be required where the aggregate value of the foreign exchange in the form of currency notes, bank notes or travelers cheques does not exceed US$10,000 or its equivalent and/ or the aggregate value of foreign currency notes brought in by such person does not exceed US$ 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, -
Cheques drawn on foreign currency account maintained in accordance with FEMA Regulations, 2000;
Foreign exchange obtained by him by drawal from an authorised; 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 FEMA, 2000 ;
b. unspent foreign exchange brought back by him to India while returning from travel abroad and retained in accordance with the FEMA Regulations, 2000 ;
iv. any non resident 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 may-
i. take or send to Nepal or Bhutan, currency notes (other than Rs.100 notes) up to a limit of Rs.25,000/- ;
ii. bring from Nepal or Bhutan, currency notes (other than notes of denominations of above Rs.100) ;
iii. take to Nepal or Bhutan, or bring 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 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