| Date: |
04-02-2016
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| Notification No: |
RBI/2015-16/313 A.P. (DIR Series) Circular No. 48
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2015-16/313 |
| Subject: |
Definition of "Currency", 2015
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RBI/2015-16/313
A.P. (DIR Series) Circular No.48/2015-16 [(1)/15(R)]
February 04th 2016
To
All Category - I Authorised Dealers and Authorised Banks
Madam/ Sir
Definition of "Currency", 2015
Attention of Authorised Dealers (ADs) is invited to
Notification No. FEMA.
15(R)/2015-RB dated December 29, 2015 notified vide G.S.R. No.1008 (E) dated
December 29, 2015, which supersedes the Notification No. FEMA 15/2000-RB.
- Synopsis of the new regulations is given as under:
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 have been notified vide
Notification No. FEMA.
15(R)/2015-RB dated December 29, 2015, c.f. G.S.R. No.1008 (E) dated
December 29, 2015 and shall come into force with effect from December 29,
2015.
- AD Category- I banks 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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