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Instructions regarding general permission for release of imported
currency
Circular No.
22dated 7th May 1999
Under Section
13(i) of FERA, 1973 no person can bring or send into India any foreign exchange
or Indian Currency except with special or general permission of RBI. Further,
Import of Indian currency notes or coins by post is not permitted. As per the
existing practice, whenever such notes/ coins, received by post, are confiscated
by the customs authorities, RBI is approached for grant of 'no objection
certificate' on merits of each case. Impounded currency is released by Customs
on the basis of such no objection certificates'.
2. Some
difficulties are reported to have been faced by individuals/ customs officers in
following the aforesaid procedure, as it causes undue delay in the release of
post parcels. RBI has considered the matter and has decided to permit customs
authorities to allow import of both Indian and foreign currencies received by
post provided the value does not exceed Rs. 1000/ - subject to certain
conditions.
3. The
matter has been examined by Board and it has been decided that henceforth
individual cases of import of foreign/ Indian currency received by post of value
not exceeding, Rs. 1000/ - need not be referred to RBI subject to the following
conditions -
(i) The power to grant
approval may be exercised by an officer not below the rank of Additional
Commissioner/ Deputy Commissioner.
(ii) A detailed
record should be maintained of the exemption granted.
(iii) Record of the name and addresses of
the remitter and addressee in India should be maintained.
(iv) Where a spurt is noticed in the
number of covers received over a time, the matter may be reported to the
concerned Regional Office of Reserve Bank of India.
These instructions
may be brought to the notice of all the officers of customs by way of issue of
public notices etc. Any difficulty faced in implementation of instructions may
be brought to the notice of the Board.
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