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The Reserve Bank of India notifies debit cards, ATM cards, and similar payment instruments as currency under the Foreign Exchange Management Act, 1999. This update applies to any instrument that can create a financial liability. The notification supersedes the earlier Notification No. FEMA 15/2000-RB dated May 3, 2000. These rules come into force on the date of publication in the Official Gazette.
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Relative A.P. (DIR) circular: 48/[(1)/15(R)]/04.02.2016
RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400001
Notification No. FEMA 15 (R)/2015 - RB
December 29, 2015
Definition of "Currency"
In pursuance of clause (h) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 15/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank notifies debit cards, ATM cards or any other instrument by whatever name called that can be used to create a financial liability, as ‘currency’.
They shall come into force from the date of their publication in the Official Gazette.
(B P Kanungo)
Principal Chief General Manager
Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 29.12.2015- G.S.R.No.1008(E)
