Foreign Exchange Management (Export and Import of Currency)

Foreign Exchange Management (Export and Import of Currency)

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: —

  1. Short title & Commencement:
    (i) These Regulations may be called the Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020.
    (ii) They shall come into force from the date of their publication in the Official Gazette.
  2. Insertion of new Regulation 10:
    In the Principal Regulations, after Regulation 9, the following new regulation shall be inserted, 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.”

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:

i) G.S.R. No. 151(E) dated 26.02.2019; and
ii) No. FEMA 6 (R)/ (2)/2020-RB dated 11.08.2020 (published in the Gazette on 18.08.2020)

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