RBI can now restrict currency, that a person may bring into or take outside India

The Foreign Exchange Department, Reserve Bank of India, on 04.12.2020 published the Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020 vide Notification No. FEMA 6 (R)/ (3)/2020-RB. As per the amendment, notwithstanding anything contained in Foreign Exchange Management (Export and Import of Currency) Regulations, 2015, 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.

Copy of notification: FEMA 6 (R): (3):2020-RB

-Adv. Tushar Kaushik

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