The Reserve Bank of India (RBI) notifies Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020. The notification was issued on 11th August 2020 and came into effect on 18th August 2020. The Amendment seeks to modify the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
The Amendment stipulates for the following changes:
- It omits the proviso that was part of the regulation relating to export and import of Indian currency notes. The proviso had empowered the RBI to permit a person to take/ send out of India/ bring into India, Indian currency notes and/ or those of RBI.
- A new Regulation 9, pertaining to Reserve Bank’s power to permit export or import of currency, has been inserted. Thus now, the above-mentioned omitted proviso has been inserted as an independent regulation. Therefore, on an application made to it, RBI can grant permissions to take/ send out of India to any country or bring into India from any country currency notes of Government of India and /or of Reserve Bank of India. This is subject to terms and conditions specified by the RBI. Furthermore, the RBI must determine that such import or export of Indian currency is necessary.
