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FOREIGN EXCHANGE MANAGEMENT (EXPORT AND IMPORT OF CURRENCY) REGULATIONS,
2000
Notification
No. 6 dated 3rd May 2000
GSR
389(E), dated 3.5.2000 (As amended by FEMA Notification No. 38 dated 27th
February 2001): 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 following
regulations for export from and import into, India of currency or currency
notes, namely: -
(i)
These regulations may be called as Foreign Exchange Management (Export
and Import of Currency) Regulations, 2000.
(ii)
They shall come into effect on 1st day of June 2000.
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)
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 upto an amount not exceeding
Rs. 5,000 per person;
(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 Indian
currency;
(c)
who had gone out of India on a temporary visit, may bring into India at
the time of his return from any place outside India (other than from Nepal and
Bhutan), currency notes of Government of India
and Reserve Bank of India notes upto an amount not exceeding Rs. 5,000
per person.
(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.
No
person shall take or send out of India the Indian coins which are covered by the
Antique and Art Treasure Act, 1972.
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.
6.
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 any one 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 one
time does not exceed US $ 5,000 (US Dollars five thousands) or its equivalent.
(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 drawal 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 aircrafts 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 retained 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.
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]
:
(i)
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.
(ii)
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 re-conversion of rupees into foreign exchange.
(iii)
Visitors to India may please note that in case they do not wish do 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.
(iv)
Details of travellers� cheques/ currency notes need not be furnished.
(v)
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)
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Name
of the currency
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Currency
notes
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Travellers
Cheques
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Total
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1.
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2.
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3.
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4.
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5.
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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)
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Date
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Distinctive
Number of Encashment Certificate
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Amount
changed
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Stamp
and Signature of Bank or Money changer
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1
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2
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3
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4
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