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The Reserve Bank of India amends the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. The Reserve Bank of India takes the power to restrict the export or import of currency in the public interest. The Reserve Bank of India acts in consultation with the Central Government. The Reserve Bank of India restricts the amount of Indian currency notes and foreign currency on a case-to-case basis. The Reserve Bank of India prescribes necessary conditions for persons who bring currency into India or take currency outside India. The regulations come into force on the date of their publication in the Official Gazette.
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RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) Mumbai – 400001
Notification No. FEMA 6 (R)/(3)/2020-RB
December 03, 2020
Foreign Exchange Management (Export and Import of Currency) (Second 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: —
“10. Reserve Bank’s power to restrict export or import of currency: Notwithstanding anything contained in these regulations, the Reserve Bank, may, in public interest and in consultation with the Central Government, restrict the amount of Indian currency notes of Government of India and/or of Reserve Bank, and/or foreign currency, on case-to-case basis, that a person may bring into or take outside India and prescribe such conditions as it may deem necessary.”
(Ajay Kumar) Regional Director, New Delhi
Published in the Official Gazette of Government of India Extraordinary Part III, Section 4, dated December 04, 2020
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:
