RBI Allows Export of 200 and 500 Rupee Currency Notes also subject to 25K Limit to Nepal and Bhutan

[RBI/2018-19/144 - A.P. (DIR Series) Circular No. 24 dated 20 March 2019]

Sub: Export and Import of Indian Currency

Attention of Authorised Persons is invited to Regulation 8 of Foreign Exchange Management (Export and import of currency) Regulations, 2015, in terms of which a person may take or send out of India to Nepal or Bhutan and bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs. 100/-. Further, an individual may carry to Nepal or Bhutan, currency notes of Reserve Bank of India denominations above Rs. 100/-, i.e. currency notes of Rs. 500/- and/or Rs. 1000/- denominations, subject to a limit of Rs. 25,000/-.

2. It has now been decided that an individual travelling from India to Nepal or Bhutan may carry Reserve Bank of India currency notes in Mahatma Gandhi (New) Series of denominations Rs. 200/- and/or Rs. 500/- subject to a total limit of Rs. 25,000/- Instructions regarding currency notes of Government of India and Reserve Bank of India for any amount in denominations up to Rs. 100/- shall continue as hitherto.

3. Authorised Persons may bring the contents of this circular to the notice of their constituents and customers.

4. Necessary amendments to Foreign Exchange Management (Export and import of currency) Regulations, 2015 (Notification No. FEMA 6(R) /RB-2015 dated December 29, 2015) have been notified as Foreign Exchange Management (Export and import of Currency) (Amendment) Regulations, 2019 [Notification 6(R)/(1)/2019-RB dated February 26, 2019] in the Official Gazette vide G.S.R. No.151(E) dated February 26, 2019, a copy of which is annexed.

5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.