This circular, RBI/2018-19/144 A.P. (DIR Series) Circular No. 24, issued on March 20, 2019, by the Reserve Bank of India, modifies existing regulations regarding the export and import of Indian currency between India and Nepal/Bhutan. Specifically, it amends the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
The key change permits individuals traveling from India to Nepal or Bhutan to carry Reserve Bank of India (RBI) currency notes in the Mahatma Gandhi (New) Series of denominations ₹200 and/or ₹500, up to a total limit of ₹25,000. Regulations pertaining to currency notes of Government of India and RBI of denominations up to ₹100 remain unchanged, allowing for any amount to be carried.
The amendment is formalized in the Foreign Exchange Management (Export and Import of Currency) Amendment Regulations, 2019, Notification No. FEMA 6R/12019-RB, dated February 26, 2019, and published in the Official Gazette vide G.S.R. No. 151(E) of the same date. These directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Authorised Persons are instructed to inform their constituents and customers of these changes. Further information can be obtained from Ajay Kumar Misra, Chief General Manager-in-Charge.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for issuing currency and regulating the banking system.
Nepal: A country bordering India to the north, mentioned in the context of currency exchange regulations.
Bhutan: A country bordering India to the northeast, mentioned in the context of currency exchange regulations.
Foreign Exchange Management Act, 1999: Indian legislation governing foreign exchange transactions.
Foreign Exchange Management Export and import of currency Regulations, 2015: Regulations pertaining to the export and import of currency under the Foreign Exchange Management Act.
Mahatma Gandhi New Series: A series of Indian currency notes with updated designs and security features.
Ajay Kumar Misra: Chief General Manager-in-Charge at Reserve Bank of India. Signatory of the circular.
RBI201819144 A.P. DIR Series Circular No. 24: Reference number of the circular issued by the Reserve Bank of India.
RBI/2018-19/144
A.P. (DIR Series) Circular No. 24 March 20, 2019
To
All Authorised Persons
Madam/ Sir,
Export and Import of Indian Currency
Attention of Authorised Persons is invited to Regulation 8 of Foreign Exchange
Management (Export and import of currency) Regulations, 2015, in terms of which a
person may take or send out of India to Nepal or Bhutan and bring into India from
Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India
for any amount in denominations up to `100/-. Further, an individual may carry to
Nepal or Bhutan, currency notes of Reserve Bank of India denominations above
`100/-, i.e. currency notes of `500/- and/or `1000/- denominations, subject to a limit
of `25,000/-.
2. It has now been decided that an individual travelling from India to Nepal or
Bhutan may carry Reserve Bank of India currency notes in Mahatma Gandhi (New)
Series of denominations `200/- and/or `500/- subject to a total limit of `25,000/-
Instructions regarding currency notes of Government of India and Reserve Bank of
India for any amount in denominations up to `100/- shall continue as hitherto.
3. Authorised Persons may bring the contents of this circular to the notice of their
constituents and customers.
4. Necessary amendments to Foreign Exchange Management (Export and
import of currency) Regulations, 2015 (Notification No. FEMA 6(R) /RB-2015 dated
December 29, 2015) have been notified as Foreign Exchange Management (Export
and import of Currency) (Amendment) Regulations, 2019 [Notification 6(R)/(1)/2019-
RB dated February 26, 2019] in the Official Gazette vide G.S.R. No.151(E) dated
February 26, 2019, a copy of which is annexed.5. The directions contained in this circular have been issued under sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(Ajay Kumar Misra)
Chief General Manager-in-Charge