RBI Has Indeed Issued Master Circular on Imports and Exports
WE got this query from a Netizen:
Every year RBI issues Master Circulars on 1st July, being Sunday they have issued it on 2nd July 2012. A very important circular "Master Circular on Import of Goods and Services" has not been issued till today. "Master Circular on Import of Goods and Services" issued on 1st July 2011 expires on 1st July 2012 (Mentioned in the circular).
Was it left out by mistake or are we expecting some drastic changes?
Sir, the RBI had indeed issued the Master Circulars and in fact, TIOL had already carried it.
Some excerpts from Master Circular No. 13/2012-13 on Import of Goods and Services:
B.6.1. Import of foreign exchange into India
A person may -
(i) send into India without limit foreign exchange in any form other than currency notes, bank notes and travellers cheques;
(ii) bring into India from any place outside India, without limit foreign exchange (other than unissued notes), which shall be subject to the condition that such person makes, on arrival in India, a declaration to the Custom Authorities at the Airport in the Currency Declaration Form (CDF) annexed to these Regulations; provided further that it shall not be necessary to make such declaration where the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in by such person at any one time does not exceed USD10,000 (US Dollars ten thousand) or its equivalent and/or the aggregate value of foreign currency notes (cash portion) alone brought in by such person at any one time does not exceed USD 5,000 (US Dollars five thousand) or its equivalent.
B.6.2. Import of Indian currency and currency notes
(i) Any person resident in India 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 notes up to an amount not exceeding Rs.7,500/- per person.
(ii) A person may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank notes other than notes of denominations of above Rs.100 in either case.