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Regarding General Permission for Release of Imported Currency through
Post
Custom Circular No. 16 dated 5th
March 2002
As you are aware, under Section 13 (i)
of Foreign Exchange Regulation Act, 1973, no person could bring or send into
India any foreign exchange or Indian currency except with special or general
permission of Reserve Bank of India. Parcels/packets suspected to contain
foreign/Indian currency, etc., were to be detained and adjudicated on merits.
2. Import of Indian
currency notes and coins by post is not permitted. However, whenever such notes,
received by post, are detected by the Customs, the impounded currency is
released on the basis of "No Objection Certificate" (NOC), which is
issued on merits of each case by the RBI.
3. Packets/parcels
containing foreign currency upto Rs. 500/- could earlier be released by the
Assistant Commissioner of Customs on caution subject to his satisfaction of
genuineness. The particulars of such release were also to be forwarded to RBI
and the Enforcement Directorate for information.
4. To reduce pendency and
to avoid delay in clearance of mail articles, in November, 1997, the RBI had
decided to permit the Customs to allow import of both Indian and foreign
currencies received by residents by post, provided the value does not exceed Rs.
1000/-, subject to the following conditions:
(a) the power to grant
approval is exercised at a fairly senior level in the Customs;
(b) a detailed record
should be maintained of the exemptions granted;
(c) record of the name
and addresses of the remitter and addressee in India should be maintained; and
(d) 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 RBI.
5. In view of the
liberalisation of foreign exchange regulations under the Foreign Exchange
Management Act (FEMA), 1999, the matter has been reviewed by the RBI. It has now
been decided to enhance the existing limit as in para 4 above of Rs. 1000/- to
Rs. 5000/-. Accordingly, Customs can allow import of both Indian and foreign
currencies received by residents through post without insisting on a NOC from
RBI, provided the value does not exceed Rs. 5000/-. Such clearance by Customs
shall be subject to the conditions cited at para 4 (a) to (d) above. In the
context of condition at para 4 (a) above, Board has decided that imports of
Indian and foreign currencies upto a value limit of Rs. 5000/- should be
permitted under the approval of the Deputy/ Assistant Commissioner of Customs.
6. You are, therefore,
requested to issue necessary instructions to the Customs formations under your
charge and issue suitable trade/public notice in this regard. Receipt of this
Circular may please be acknowledged. Difficulties faced in implementation of
these instructions may be brought to the notice of the Board.
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