**Executive Summary**
This document, issued by the Reserve Bank of India on November 28, 2025, amends the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. The amendment pertains to regulations governing the import and export of currency between India, Nepal, and Bhutan. The regulations take effect upon publication in the Official Gazette, scheduled for December 2, 2025.
**Key Points / Main Content**
* **Short Title and Commencement:**
* The amended regulations are called the "Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2025."
* The regulations will be effective from the date of their publication in the Official Gazette.
* **Amendment to Regulation 8:**
* Regulation 8 of the Principal Regulations is substituted with the following provisions:
* Individuals, except citizens of Pakistan or Bangladesh, may send currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above ₹100) out of India to Nepal or Bhutan. An individual travelling from India to Nepal or Bhutan can carry notes of denominations of above ₹100 up to a total limit of ₹25,000.
* Individuals, except citizens of Pakistan or Bangladesh, may 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 ₹100). An individual travelling to India from Nepal or Bhutan can carry notes of denominations of above ₹100 up to a total limit of ₹25,000.
* Any individual may 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.
**Impact Analysis**
**Individuals (Excluding citizens of Pakistan or Bangladesh)**
* **Impact:** Revised rules on transporting Indian currency notes to and from Nepal and Bhutan. Introduction of a ₹25,000 limit for carrying notes of denominations above ₹100 while traveling.
* **Action Required:** Be aware of the new limits on carrying Indian currency notes of denominations above ₹100 when travelling to Nepal or Bhutan and comply with the regulations.
**Individuals (Citizens of Pakistan or Bangladesh)**
* **Impact:** These individuals are not permitted to send Indian currency notes to Nepal or Bhutan. They are also not permitted to bring into India currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above ₹100).
* **Action Required:** Be aware that these individuals are restricted to send Indian currency notes to Nepal or Bhutan.
**Individuals Travelling between India, Nepal, and Bhutan**
* **Impact:** These individuals can 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.
* **Action Required:** No action required. Be aware of the currency to take out of India to Nepal or Bhutan.
Key Entities Referenced
Foreign Exchange Management Act, 1999: The principal legislation governing foreign exchange in India, amended by these regulations.
Foreign Exchange Management (Export and Import of Currency) Regulations, 2015: The existing regulations being amended by this notification.
Reserve Bank of India: The regulator issuing these regulations.
India: The primary location to which these regulations apply regarding the export and import of currency.
Nepal: One of the locations to which these regulations apply regarding the export and import of currency.
Bhutan: One of the locations to which these regulations apply regarding the export and import of currency.
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(Central Office)
Mumbai – 400001
Notification No. FEMA 6 (R)/(4)/2025-RB November 28, 2025
Foreign Exchange Management (Export and Import of Currency) (Amendment)
Regulations, 2025
In exercise of the powers conferred by clause (ga) of sub- section (2) of Section 47 of the Foreign Exchange
Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign
Exchange Management (Export and Import of Currency) Regulations, 2015 (Notification No. FEMA 6 (R)/RB-
2015 dated December 29, 2015) (hereinafter referred to as 'the Principal Regulations'), namely: —
1. Short title & Commencement:
i. These Regulations may be called the Foreign Exchange Management (Export and Import of
Currency) (Amendment) Regulations, 2025.
ii. They shall come into force from the date of their publication in the Official Gazette.
2. Amendment to Regulation 8
In the Principal Regulations, for Regulation 8, the following shall be substituted, namely:
Notwithstanding anything contained in these regulations, a person –
1. not being a citizen of Pakistan or Bangladesh, may 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 ₹100 in either case); provided that an individual travelling from India to
Nepal or Bhutan can carry notes of denominations of above ₹100 up to a total limit of ₹25,000;
2. not being a citizen of Pakistan or Bangladesh, may 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 ₹100 in either case); provided that an individual travelling to India from Nepal or Bhutan
can carry notes of denominations of above ₹100, up to a total limit of ₹25,000;
3. may 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.
(N Senthil Kumar)
Chief General Manager
Published in the Official Gazette of Government of India
Extraordinary Part III, Section 4, dated December 2, 2025
DeDedatedhttps://egazette.gov.in/(S(oy2iplaqcp2jip0cqjf4
2rrj))/ViewPDF.aspx _____________
Note:
The Principal Regulations were published in the Official Gazette vide GSR No.1004(E) dated December 29, 2015
in Part II, Section 3, sub-section (i) and subsequently amended vide:
i) G.S.R. No. 151(E) dated 26.02.2019
ii) No. FEMA 6 (R)/(2)/2020-RB dated 11.08.2020 (published in the Gazette on 18.08.2020)
iii) No. FEMA 6 (R)/(3)/2020-RB dated 03.12.2020 (published in the Gazette on 04.12.2020)