RBI/2015-16/310
A.P. (DIR Series) Circular No. 45/2015-16 [(1)/6(R)]
February 04th 2016
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) 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.
- 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.
- 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 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,
- 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
- 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,
- may send into India without limit foreign exchange in any form other than
currency notes, bank notes and travelers cheques;
- 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
- An authorised person may send out of India foreign currency acquired in normal
course of business,
- any person may take or send out of India, -
- Cheques drawn on foreign currency account maintained in accordance with Foreign
Exchange Management (Foreign Currency Accounts by a person resident in India)
Regulations, 2000;
- 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;
- 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;
- any person may take out of India, -
- foreign exchange possessed by him in accordance with the Foreign Exchange
Management (Possession and Retention of Foreign Currency) Regulations, 2000 ;
- 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 ;
- 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 may-
- 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/- ;
- 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) ;
- 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.
- 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.
- Authorised Persons may bring the contents of the circular to the notice of
their constituents concerned.
- 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
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