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Home / Bare Acts / Central Acts and Rules / Foreign Exchange Laws / Foreign Exchange Management Act,1999 / Foreign Exchange Management (Export And Import Of Currency) Regulations, 2000

Foreign Exchange Management (Export And Import Of Currency) Regulations, 2000

The Foreign Exchange Management (Export And Import Of Currency) Regulations, 2000

Published vide G.S.R. 389(E), dated 3.5.2000, published in the Gazette of India, Extraordinary, Part II, Section 3(i), dated 5.5.2000.

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In exercise of the powers conferred by clause (g) of sub-section (3) of section 6, sub–section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the –

  1. Short title and commencement.– (i) These regulations may be called the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000.

(ii) They shall come into force on 1st day of June, 2000.

  1. Definitions.– In these regulations, unless the context requires otherwise,-

(i) “Act” means Foreign Exchange Management Act, 1999 (42 of 1999);

(ii) the words and expressions used and not defined in these regulations but defined in the Act have meanings respectively assigned to them in the Act.

  1. Export and import of Indian currency and currency notes.– (1) Save as otherwise provided in these regulations, any person resident in India,–

(a) [may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25000 (Rupees Twenty Five Thousand Only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time.]

(b) may take or send outside India (other than to Nepal and Bhutan) commemorative coins not exceeding two coins each.

Explanation. – “Commemorative coin” includes coin issued by Government of India Mint to commemorate any specific occasion or event and expressed in India currency;

(c) [who had gone out of India on a temporary visit, may bring into India at the time of his return form any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees Twenty Five Thousand only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time.] [(1A) Save as otherwise provided in these regulations, any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India,

(a) may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25000 (Rupees Twenty Five Thousand Only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time.

(b) may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25000 (Rupees Twenty Five Thousand Only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time.] [(2) Without prejudice to the provisions of sub-regulation (1), Reserve Bank may, on application made to it and on being satisfied that it is necessary to do so, allow a person to take or send out of India or bring into India currency notes of Government of India and/or of Reserve Bank of India subject to such terms and conditions as the Bank may stipulate.]

  1. Prohibition on export of Indian coins.– No person shall take or send out of India the Indian coins which are covered by the Antique and Art Treasure Act, 1972.
  2. Prohibition on export and import of foreign currency.– Except as otherwise provided in these regulations, no person shall, without the general or special permission of the Reserve Bank, export or send out of India, or import or bring into India, any foreign currency.
  3. Import of foreign exchange into India.– A person may–

(a) send into India without limit foreign exchange in any form other than currency notes, bank notes and travellers cheques;

(b) bring into India from any place outside India without limit foreign exchange (other than unissued notes):

Provided that bringing of foreign exchange into India under clause (b) shall be subject to the condition that such person makes, on arrival in India, a declaration to the customs authorities in Currency Declaration Form (CDF) annexed to these regulations:

Provided further that it shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or traveller’s cheques brought in by such person at anyone time does not exceed US $ 10,000 (US Dollars ten thousand) or its equivalent and/or the aggregate value of foreign currency notes brought in by such person at any time does not exceed US $ 5,000 (US Dollars five thousand) or its equivalent.

  1. Export of foreign exchange and currency notes.– (1) An authorised person may send out of India foreign currency acquired in normal course of business.

(2) Any person may take or send out of India,-

(i) cheques drawn on foreign currency account maintained in accordance with Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000;

(ii) foreign exchange obtained by him by drawl from an authorised person in accordance with the provisions of the Act or the rules or regulations or directions made or issued thereunder;

(iii) currency in the safes of vessels or air-crafts which has been brought into India or which has been taken on board a vessel or aircraft with the permission of the Reserve Bank.

(3) Any person may take out of India,-

(i) foreign exchange possessed by him in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000;

(ii) unspent foreign exchange brought back by him to India while returning from travel abroad and retrained in accordance with the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000.

(4) Any person resident outside India may take out of India unspent foreign exchange not exceeding the amount brought in by him and declared in accordance with the proviso to clause (b) of regulation 6, on his arrival in India.

  1. Export and import of currency to or from Nepal and Bhutan.– Notwithstanding anything contained in these regulations, a person may-

(i) take or send out of India to Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs. 100 in either case);

(ii) bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs. 100 in either case);

(iii) take out of India to Nepal or Bhutan, or bring into India from Nepal or Bhutan, currency notes being the currency of Nepal or Bhutan.

Currency Declaration Form (Cdf)

(See regulation 6)

Instructions for Passengers

  1. This form need not be completed in cases where the aggregate value of the foreign exchange brought in by the passenger in the form of currency notes, bank notes, or travellers cheques does not exceed US $ 10,000/- or its equivalent and/or the value of foreign currency notes does not exceed US $ 5,000 or its equivalent.
  2. Passengers are advised to produce this form to a bank authorised to deal in foreign exchange or money changer at the time of conversion of foreign exchange into Indian rupees or reconversion of rupees into foreign exchange.
  3. Visitors to India may please note that in case they do not wish to encash all the foreign exchange declared above they should retain this form with them for production to the Customs at the time of their departure from India to enable them to take with them the unutilised balance.
  4. Details of travellers’ cheques/currency notes need not be furnished.
  5. Foreign tourists need not indicate their address.

(To be completed by passenger)

I hereby ………………….. declare that the following foreign exchange is in my possession at the time of my arrival in India:

(Aggregate value only)

Name of the currency Currency notes TravellersCheques Total
1
2
3

Signature…………….

Passport No……………

Nationality…………….

(To be completed by Customs Officer)

This is to certify that the above named person has brought with him foreign exchange as indicated above.

Date………

…………………………………

(Stamp and Signature of Customs Officer)

(Space for endorsement)

Date Distinctive Number of Encashment Certificate Amount changed Stamp and Signature of Bank or Money changer
1 2 3 4

 

 

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