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The Reserve Bank of India issues the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020. The regulations come into force on August 18, 2020. The Reserve Bank omits a portion of sub-regulation 1 in Regulation 3. The Reserve Bank inserts a new Regulation 9 into the Principal Regulations. The new regulation gives the Reserve Bank power to permit any person to export or import currency notes of the Government of India or the Reserve Bank of India on application and subject to terms and conditions.
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RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) Mumbai – 400001
Notification No. FEMA 6 (R)/(2)/2020-RB
August 11, 2020
Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020
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: —
Amendment to Regulation 3 In the Principal Regulations, in Regulation 3, sub- regulation 1, the portion beginning with “Without prejudice to the provisions of sub-regulation (1)” and ending with “currency notes of Government of India and/or of Reserve Bank of India subject to the terms and conditions as the Bank may stipulate” shall be omitted.
Insertion of new Regulation 9 In the Principal Regulations, after Regulation 8, the following new regulation shall be inserted, namely, -
“9. Reserve Bank’s power to permit export or import of currency: Notwithstanding anything contained in these regulations, the Reserve Bank may, on an application made to it and on being satisfied that it is necessary to do so, allow any person to take or send out of India to any country or bring into India from any country currency notes of Government of India and /or of Reserve Bank of India subject to such terms and conditions as the Reserve Bank may stipulate.”
(Ajay Kumar) Regional Director, New Delhi
Published in the Official Gazette of Government of India Extraordinary Part III, Section 4, dated August 18, 2020
Foot 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: G.S.R. No. 151(E) dated 26.02.2019
