FEMA - Export and Import of Currency - RBI enhances limit
AS per Regulation (2) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, any person resident in India may take outside India or having gone out of India on a temporary visit, may bring into India (other than to and 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 per person.
As part of providing greater flexibility to the resident individuals travelling abroad, the existing limit has been enhanced to Rs. 10,000 per person.
Now, 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.10,000 (Rupees ten thousand 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.10,000 (Rupees ten thousand only) per person.
What is the great flexibility provided by enhancing the limit by Rs. 2500?
AP (DIR Series) Circular No.39/RBI., Dated: September 6, 2013