Export and import of currency - Now you can carry Rs. 7500

By Vijay Kumar

AS per the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000, a resident Indian can take outside India or having gone out of India on a temporary visit, can bring into India Indian Currency Notes up to an amount not exceeding Rs. 5,000 per person.

For providing greater flexibility to the resident individuals travelling abroad, the existing limits, mentioned above, have been enhanced to Rs. 7,500 per person. [God knows what greater flexibility an additional Rs. 2500 can bring in! You may wonder why somebody going abroad needs rupees and how somebody coming from a foreign country can bring in rupees]

Anyway RBI clarifies that: any person resident in India,

i) 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.7,500 (Rupees seven thousand five hundred only) per person; and

ii) 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.7,500 (Rupees seven thousand five hundred only) per person.

CIRCULAR NO. 30/RBI., Dated: February 1, 2010