FOREIGN EXCHANGE MANAGEMENT

With the transition to a market-based system for determining the external value of the Indian rupee the foreign exchange market in India gained importance in the early reform period.

Notifications

(84 kb)
Date : Aug 11, 2020
Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020

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: —

1. Short title & Commencement:

(i) These Regulations may be called the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. 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.

3. 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

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