FEM (EXPORT AND IMPORT OF CURRENCY) (AMENDMENT) REGULATIONS, 2014 - AMENDMENT IN REGULATION 3
NOTIFICATION [NO.FEMA.309/2014-RB]/GSR 399(E), DATED 4-6-2014
In exercise of the powers conferred by clause (g) of sub-section (3) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 (Notification No. FEMA 6/2000-RB dated May 3, 2000), namely:—
Short title and commencement
1. (a) These Regulations may be called the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2014.
(b) They shall come into effect from the date of their publication in the Official Gazette.
Amendment of the Regulations
2. In the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 (Notification No. FEMA. 6/2000-RB dated May 3,2000), in regulation 3,
(A) in sub-regulation (1),
| (i) | the existing clause (a) shall be substituted as follows: | |
| "may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25000 (Rupees Twenty Five Thousand Only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time." | ||
| (ii) | the existing clause (c) shall be substituted as follows: | |
| "who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees Twenty Five Thousand only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time." |
(B) after sub-regulation (1), the following new sub-regulation, shall be added, namely:
(1A) Save as otherwise provided in these regulations, any person resident outside India, not being a citizen of Pakistan or Bangladesh, and visiting India,
| (a) | may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25000 (Rupees Twenty Five Thousand Only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time, | |
| (b) | may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25000 (Rupees Twenty Five Thousand Only) per person or such other amount and subject to such conditions as notified by Reserve Bank of India from time to time. |
Regards
Prarthana Jalan
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