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Regarding General Permission for Authorised Dealers to Import Currency
Notes from their Overseas Branch
Customs
Circular No. 60 dated 13th September 2002
It
has been brought to the notice of the Board that Authorised Dealers like Thomas
Cook (India) Ltd. Are facing problems, especially in New Delhi for clearing
shipments of currency notes imported to meet their normal business requirements.
It appears, for clearance of currency, the customs authorities insist for
specific approval of RBI.
In
this connection, the Reserve Bank of India has informed that under the
provisions of para 3D.6 of erstwhile Exchange Control Manual, which has been
retained in FEMA, 1999 vide Annexure V attached to AD (MA Series) Circular No.
11 dated 16-5-2000, there is a general permission given to Authorised Dealers to
import currency notes from their overseas branches/ correspondents for meeting
their normal banking requirements. In view of this, no specific clearance is
required from RBI for such imports. A copy of RBI letter dated 10-6-2002,
clarifying the matter, is enclosed for ready reference.
The
above said instruction may be brought to the notice of all concerned to ensure
that Authorised Dealers do not face problem in clearance of currency notes
imported to meet their normal banking requirements. Difficulties, if any, in
implementation of these instructions may be brought to the notice of the Board.
Reserve
Bank of India
Exchange
Control Department
New
Delhi
Letter
Dated 10th June 2002
Ref.
EC. DEL. ECB.3569/ Misc/ 2001-2002
The
Controller of Customs,
Indira
Gandhi International Airport,
New
Delhi
Licence
to Import of Currency Notes & Coins A/c- M/S. Thomas Cook
M/s.
Thomas Cook (India) Limited had approached us for issue of NOC/ Import Licence
as they had imported foreign currency notes worth US$ 2.5 million and their
consignment was not being cleared by the Customs Authorities at the Indira
Gandhi International Airport, New Delhi. It is also reported that the Customs
Authorities had asked for a specific clearances from Reserve Bank of India. Due
to immediate urgency in the matter we had, as a special case, issued an import
Licence dated 31.5.2002 for the said consignment. In this connection we draw
your kind attention to provisions of para 3D.6 of erstwhile Exchange Control
Manual which has been retained in FEMA, 1999 vide Annexure V attached to AD (MA
Series) Circular No. 11 dated 16th May, 2000 in terms of which is a
general permission given to Authorised Dealers to import currency notes from
their overseas branches/ correspondents for meeting their normal banking
requirements.
In
view of this, it is clarified that no specific clearances is required from RBI
for such imports. This may kindly be noted for your future guidance.
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